The Philippines: Remittances sustain rise to hit 6-month high

  • Remittances from overseas Filipino workers (OFWs) continue to climb, hitting the highest level in six months in Jun 21 amid further global economic reopening, although at a slower pace than the double-digit growth recorded in Apr 21 and May 21, according to the Bangko Sentral ng Pilipinas.
  • BSP Governor Benjamin Diokno said personal remittances increased by 7.3% y/y to USD2.94bn in Jun 21 from USD2.74bn in asland and sea-based workers sent more money to their families back home.
  • This was the highest monthly personal remittances since the USD3.2bn recorded in Dec 20.
  • Diokno said personal remittances from land-based workers with work contracts of one year or more went up by 7.1% y/y to USD2.32bn in Jun 21 from USD2.16bn
  • Likewise, the BSP chief said remittances from sea and land-based workers with work contracts of less than one year rose by 6.4% to USD548mn from USD515mn
  • As a result, personal remittances grew by 6.7% y/y to USD16.61bn in 1H21.
  • Diokno also reported that cash remittances coursed through banks rose by 7% y/y to USD2.64bn in Jun 21 from USD2.46bn.
  • In terms of country sources, the BSP chief said the US continues to register the highest share of overall remittances at more than 40%, followed by Singapore, Saudi Arabia, the United Kingdom, Japan, the United Arab Emirates, Canada, South Korea, Qatar and Taiwan.

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