BSP: Remittances recover in June after three-month drop

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Metro Manila (CNN Philippines, August 17) — Filipinos abroad sent home $2.737 billion in June — a 7.6% growth from personal remittances recorded in the same month last year, the Bangko Sentral ng Pilipinas said Monday.

The figures broke the three-month decline in remittances seen from March to May, which came amid a global economic slump and the displacement of thousands of overseas Filipino workers due to the COVID-19 pandemic.

The growth also reduced the cumulative contraction in cash remittances for the first half of 2020 to 4.2%, previously from a 6.4% logged in May, the BSP said.

The central bank attributed the June recovery to the 14.2% rise in remittances from land-based workers, which grew to $2.164 billion from last year's $1.896 billion.

According to the BSP, this also counteracted the continued drop in the money sent home by sea-based workers, which fell by 13.1% to $515 million in June, after several were forced to return to the Philippines as a result of the health crisis.

The BSP said the United States, Japan, Singapore, Oman and Taiwan were among the countries that registered continued growth in remittances from January to June 2020, while declines were reported in Saudi Arabia, United Arab Emirates, Kuwait, Germany and the United Kingdom.

For the first half of the year, the central bank also noted that the United States surpassed other nations worldwide in terms of sources of OFW remittances with a 39.7% share.

This is followed by the countries of Singapore, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, Canada, Hong Kong, Qatar, and Taiwan which cumulatively accounted for 78.9% of total cash remittances.