BSP: Expatriate remittances push dollar flow beyond pre-COVID levels

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MANILA, Philippines — Dollars sent home by expatriate Filipinos surged last April, pushing the total for the first four months of 2021 above those of comparable periods before the COVID-19 pandemic as well as in 2020, according to the central bank of the Philippines.

In a statement, the Bangko Sentral ng Pilipinas (BSP) said personal remittances from overseas citizens amounted to $ 2.574 billion in April 2021, up 13.1% from the $ 2.276 billion dollars recorded in April 2020.

This brings cumulative personal remittances for the first four months of 2021 to $ 11.028 billion, up 5.1% year-on-year from the $ 10.494 billion recorded in the comparable period in 2020.

This figure is also higher than the $ 10.811 billion reported during the same period in 2019.

In particular, personal remittances from land workers with employment contracts of one year or more rose 15.2% in April to reach $ 1.931 billion from $ 1.677 billion recorded in April. 2020.

Remittances from maritime and land workers with employment contracts of less than one year also increased 4.9% to $ 574 million from $ 547 million in 2020.

Likewise, Filipino-foreign remittances channeled through banks rose 12.7 percent to $ 2.305 billion in April 2021, from $ 2.046 billion in the same month in 2020.

Remittances rose, following the increase in landworkers’ receipts 15.2 percent to $ 1.779 billion from $ 1.545 billion and offshore workers 4.9 percent to $ 526 million from $ 501 million.

Year-to-date remittances for January-April 2021 reached $ 9.898 billion, up 4.8 percent from the previous year’s level of $ 9.448 billion.

Much of the growth in remittances for January-April 2021 came from the United States, Malaysia, Singapore and South Korea.

In terms of source countries, the United States recorded the highest share of overall remittances at 40.3% for the first four months, followed by Singapore, Saudi Arabia, Japan, United Kingdom , United Arab Emirates, Canada, South Korea, Qatar and Taiwan. .

Combined remittances from these countries accounted for 78.1 percent of total remittances.

BST

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