The Philippines: Cash remittances rebound in Jun 20

  • Cash remittances rebounded in Jun 20, as land-based overseas Filipino workers (OFWs) sent more money home as lockdown restrictions eased, the central bank data showed.
  • Bangko Sentral ng Pilipinas (BSP) reported cash remittances, which are coursed through banks, jumped 7.7% in Jun 20 to USD2.465bn from USD2.29bn in Jun 19, “supported mainly by remittances from land-based workers.”
  • However, the BSP said there was a continued drop in sea-based workers’ remittances as many were repatriated amid the pandemic.
  • Jun 20 saw a recovery in cash remittances, after three months of decline since Mar 20 when lockdown restrictions were put in place to curb the spread of COVID-19. Metro Manila was placed under a more relaxed general community quarantine starting Jun 20.
  • M/m, inflows in Jun 20 climbed 17% from the USD2.106bn logged in May 20. However, for 1H20, cash remittances slipped 4.2% to USD14.019bn from USD14.638bn in 2019.

External Link :