Money sent home by OFWs grows 1.6% to $5.65B in first 2 months

·2 min read

PERSONAL remittances from overseas Filipinos (OFs) amounted to US$2.761 billion in February 2021, higher by 5.3 percent than the $2.623 billion recorded in February 2020.

The increase in personal remittances was attributed to the 7.8 percent growth in remittances from land-based workers with work contracts of one year or more to $2.152 billion from the $1.997 billion recorded in February 2020.

Meanwhile, remittances from sea-based workers and land-based workers with work contracts of less than one year declined by 4.6 percent to $540 million from $566 million a year ago.

On a cumulative basis, remittances for the first two months of the year reached $5.655 billion, representing a 1.6 percent growth year-on-year from the $5.566 billion recorded in the comparable period in 2020, despite the slack in remittances recorded in January 2021.

Likewise, cash remittances from OFs coursed through banks rose by 5.1 percent to $2.477 billion in February 2021 from $2.358 billion in the comparable month a year ago.

In particular, cash remittances from land-based workers increased by 7.8 percent to $1.982 billion, while that of sea-based workers decreased by 4.6 percent to $495 million.

For the first two months of 2021, cash remittances amounted to $5.08 billion, an increase of 1.5 percent compared to the $5.006 billion level in the same period last year.

The growth in cash remittances for January to February 2021 was sourced mainly from the United States (US), Malaysia and Singapore.

Meanwhile, in terms of country sources, the US registered the highest share to overall remittances at 41 percent for the first two months, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Malaysia, Taiwan and Qatar. (PR)