Overseas remittances reach $2.67B in April

·Contributor
·2 min read
Philippine Peso bills sent by a Filipino working abroad are pictured being received by a relative at a money remittance center in Makati City, Metro Manila, Philippines, September 19, 2018. Overseas remittances reached $2.67 billion in April 2022, according to the Bangko Sentral ng Pilipinas (BSP). REUTERS/Eloisa Lopez
Philippine Peso bills sent by a Filipino working abroad are pictured being received by a relative at a money remittance center in Makati City, Metro Manila, Philippines, September 19, 2018. Overseas remittances reached $2.67 billion in April 2022, according to the Bangko Sentral ng Pilipinas (BSP). REUTERS/Eloisa Lopez

Overseas remittances from Filipinos working abroad reached $2.67 billion in April, higher than April 2021’s $2.57 billion, according to the Bangko Sentral ng Pilipinas (BSP) on Wednesday (June 15).

The latest tally represents a 3.8% annual growth, bringing the January-April inflows to a total of $11.32 billion, a 2.6% increase from last year’s $11.03 billion in the same period.

The BSP reported that of the four-month cumulative amount, $10.12 billion were cash remittances or funds that were sent through banks. This translates to an increase of 2.7% from $9.9 billion previously.

In April alone, cash remittances grew by 3.9% to $2.4 billion from $2.3 billion.

Meanwhile, the central bank said that remittances from long-term, land-based workers rose 4.7% to $2.02 billion while seafarers and land-based workers with contracts lasting less than a year remitted $581 million, higher by 1.4% from April 2021.

Overall growth of remittances in April was faster than the 3.6% figure projected by ING Bank for April.

“Remittance flows have proved to be extremely resilient, even at the height of the COVID-19 pandemic in 2020,” said the ING Bank’s team of analysts, including senior Philippines economist Nicholas Mapa.

However, the bank noted that while results for April inflows might provide some relief for the peso, “don’t expect it to reverse the current depreciation trend.”

The United States accounted for the highest share of total remittances for the four-month stretch at 41.2% according to BSP.

Other major sources of remittances were Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Qatar, South Korea, and Taiwan.

The local currency is now at more than P53 against the US dollar, the peso’s weakest position in about three and a half years.

The Philippine Statistics Authority (PSA) earlier reported that the Philippines’ trade deficit in April surged by 54% to $4.77 billion.

Pola Rubio is a news writer and photojournalist covering Philippine politics and events. She regularly follows worldwide and local happenings. She advocates for animal welfare and press freedom. Follow her twitter @polarubyo for regular news and cat postings.

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