Increase in remittances reported for first half of the year
Bangko Sentral reports US$16.6 billion in remittances for first semester of 2021
MANILA – Despite the COVID-19 pandemic which has resulted in lower overseas employment, the Bangko Sentral ng Pilipinas reported an increase in personal remittances from Overseas Filipinos (OFs) by 6.7 percent to US$16.616 billion during the first half of 2021 from US$15.573 billion recorded during the same period in 2020.
Remittances last June 2021 reached US$2.936 billion from US$2.737 billion in June 2020.
According to the BSP statement, the rise in total personal remittances in June was due to the remittances from land-based workers with work contracts of one-year or more which grew by 7.1 percent to US$2.319 billion from the US$2.164 billion in June 2020 and sea-based and land-based workers with work contracts of less than one year, which increased by 6.5 percent to US$458 million from US$515 million last year.
Cash remittances from overseas Filipinos sent through banks rose by 7.0 percent to US$2.638 billion in June 2021 from US$2.465 billion recorded in June 2020. Cash remittances expanded as seen in the increase in receipts from land-based workers by 7.1 percent to US$2,136 billion from US$1.994 billion and sea-based workers by 6.5 percent to US$502 million from US$472 million.
Cash remittances rose to US$16.918 billion during the first half of 2021 which is higher by 6.4 percent that the year-ago level of US$14.019 billion.
The increase in cash remittances during the first half of the year came largely from the United States, Malaysia, and South Korea. In terms of country sources, the US registered the highest share in overall remittances at 40.1 percent during the first semester of 2021. The US was followed by Singapore, Saudi Arabia, the United Kingdom, Japan, the United Arab Emirates, Canada, South Korea, Qatar and Taiwan. The combined remittances from the top ten countries accounted for 78.4 percent of total cash remittances. (Melo M. Acuña)
In 2019, there were 2,156,742 Overseas Filipino workers. However, the COVID-19 pandemic resulted in much lower demand for Filipino workers abroad as POEA figures reported 549,841 workers who left the country. (NAIA 3 Photo/Melo Acuna)