Personal remittances for Jan-Nov 2019 up by 4.1%

January 15, 2020

Personal remittances of Overseas Filipinos (OFs)  in November 2019 grew by two percent year-on year to $ 2.6 billion, the Bangko Sentral ng Pilipinas said Wednesday. 

This brings personal remittances for January to November to $30.3 billion, or 4.1 percent higher than  $29.1 billion recorded a year ago.

The steady growth in personal remittances from January to November drew support from the remittance inflows from land-based OF workers with work contracts of one year or more, which grew by 3.6 percent to $23.1 billion from $22.3 billion in the same period last year.

Combined remittances of sea-based and land-based workers with short-term contracts rose by 7.3 percent to $6.5 billion during the period compared to $6 billion a year ago.

Cash remittances coursed through banks by OF workers with work contracts of less than one year grew by two percent to $2.4 billion in November 2019 from $2.3 billion in November 2018. 

Cumulative cash remittances for the period January - November 2019 rose to $27.2 billion, 4.4 percent higher than the $26.1 billion recorded last year. 

By type of worker, cash remittances from land-based and sea-based workers increased by 3.6 percent to $21.3 billion, and 7.3 percent to $6 billion, respectively.

By country source, the US registered the highest share to total remittances during January to November 2019 at 37.7 percent.

It was followed by Saudi Arabia, Singapore, Japan, United Arab Emirates, the UK, Canada, Hong Kong, Germany, and Qatar.  

Combined remittances from these countries accounted for 78.4 percent of total cash remittances during the period. DMS