Money sent home by OFWs increases 6.7% to $16.6B

PERSONAL remittances from overseas Filipinos (OFs) has increased by 7.3 percent to US$2.936 billion in June 2021 from $2.737 billion in June 2020. This resulted in cumulative remittances rising by 6.7 percent to $16.616 billion in the first half of 2021 from $15.573 billion recorded in the comparable period in 2020.

The rise in total personal remittances in June was due to the remittances sent by land-based workers with work contracts of one year or more, which grew by 7.1 percent to $2.319 billion from the $2.164 billion in June 2020, and sea- and land-based workers with work contracts of less than one year, which increased by 6.4 percent to $548 million from $515 million a year ago.

Similarly, cash remittances from OFs coursed through banks rose by seven percent to $2.638 billion in June 2021 from $2.465 billion recorded in the same month last year.

Cash remittances expanded, following the increase in receipts from land-based workers by 7.1 percent (to $2.136 billion from $1.994 billion) and sea-based workers by 6.5 percent (to $502 million from $472 million).

On a year-to-date basis, cash remittances rose to $14.918 billion in the first half of 2021, higher by 6.4 percent than the year-ago level of $14.019 billion.

The growth in cash remittances in January to June 2021 came largely from the US, Malaysia and South Korea. (PR)

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