The Philippines: Remittances plunge by 19% in May 20

  • Remittances plunged by 19% in May 20 as overseas Filipino workers (OFWs) face salary cuts and layoffs as COVID-19 pandemic continues to ravage economies around the world.
  • Cash remittances from OFWs coursed through banks slumped to USD2.106bn in May 20 from USD2.609bn in May 19, data released by the Bangko Sentral ng Pilipinas (BSP) on 3 Aug 20 showed. This is the biggest decline in nearly two decades after the -33.5% recorded in Jan 01.
  • Month on month, the May 20 inflows were USD60mn higher than the Apr 20 level.
  • From Jan 20 to May 20, cash remittances dropped 6.4% to USD11.554bn against the USD12.349bn logged in Jan 19 – May 19.
  • More than 115,000 OFWs have been repatriated since Feb 20 due to the pandemic as of 1 Aug 20. Over 68,000 of them are land-based, while about 47,000 are those working in ships and cruises, according to the Department of Foreign Affairs.

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