OFW remittances edge down 0.8% to P33.19B in 2020

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MONEY sent home by overseas Filipinos has reached US$33.194 billion, lower by 0.8 percent than the $33.467 billion recorded in 2019. Personal remittances remained a major source of the country’s foreign exchange inflows, with the 2020 level representing 9.2 percent of the gross domestic product and 8.5 percent of the gross national income.

Cash remittances amounted to $29.903 billion, lower by 0.8 percent than the $30.133 billion registered in 2019.

The actual annual decline in 2020 was, however, lower than the earlier forecast contraction of two percent for the year.

By country source, cash remittances from Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Germany and Kuwait declined, while those from the United States (US), Singapore, Canada, Hong Kong, Qatar, South Korea and Taiwan increased.

The US posted the highest share of the total remittances at 39.9 percent, followed by Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Hong Kong, Qatar and South Korea.

The combined remittances from these countries accounted for 78.6 percent of the total cash remittances. (PR)