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Jan.-Sept. remittances reach $24.302B

Personal remittances from overseas Filipinos amounted to $2.888 billion in September, 9.1 percent higher than the $2.648 billion recorded in September 2019.

This brought the total personal remittances for the first nine months of the year to $24.302 billion. At this level, the contraction in cumulative remittances for the first nine months narrowed to 1.4 percent from 2.6 percent in August 2020.

Personal remittances from land-based workers with work contracts of one year or more rose by 10.2 percent to $2.205 billion in September, higher than $2.001 billion recorded in September 2019.

Similarly, remittances from sea-based workers and land-based workers with work contracts of less than one year rose by 6.5 percent to $622 million in September from $584 million a year ago.

OF cash remittances that are coursed through the banks also rose by 9.3 percent to $2.601 billion in September from $2.379 billion in September 2019. This increase was due to the growth in remittances from both land-based ($2.031 billion) and sea-based (S$570 million) workers, which rose by 10.2 percent and 6.5 percent, respectively.

For the period January-September 2020, OF cash remittances amounted to $21.886 billion, representing a slight decrease of 1.4 percent from the $22.187 billion registered in the comparative period last year.

By country source, cash remittances for January-September from the United States, Singapore, Qatar, Hong Kong, and Taiwan were among the countries that registered growth, while declines were noted in Saudi Arabia, the United Arab Emirates, Germany, Kuwait, and the United Kingdom.

The US posted the highest share to total remittances at 40.1 percent, followed by Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Hong Kong, Qatar, and Taiwan. The combined remittances from these countries accounted for 78.8 percent of total cash remittances.