The Philippines: Remittances bounce back in Sep 20

  • CASH REMITTANCES from overseas Filipinos rebounded in Sep 20, growing at the fastest pace in more than two years after a decline in Aug 20.
  • Cash remittances coursed through banks jumped by 9.3% y/y to USD2.601bn in Sep 20, data released by the Bangko Sentral ng Pilipinas on 16 Nov 20 showed. This was the quickest growth in remittance inflows since 12.7% in Apr 18.
  • M/M, cash remittances also rose by 4.8% from USD2.483bn in Aug 20, when these dropped by an annual 4.1%.
  • The BSP reported a 10.2% rise in remittances from land-based overseas Filipino workers (OFWs) to USD2.031bn, and a 6.5% jump in money sent by sea-based workers to USD570mn.

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