Personal remittances up by 1.2% year-on-year in February
Personal remittances from Overseas Filipinos grew by 1.2 percent to $2.793 billion in February from $2.759 billion recorded in the same month last year, the Bangko Sentral ng Pilipinas (BSP) said Monday.
The expansion in February increased the cumulative personal remittances to $5.759 billion in the first two months of 2022, which is 1.9 percent higher than the $5.653 billion registered in the comparable period in 2021.
The growth in personal remittances in February was slower, however, compared to that in January at 2.5 percent due in part to the reimposition of restrictions in OF host countries and the Philippines amid a resurgence in COVID cases across the globe.
Remittances were sent by land-based workers with work contracts of one year or more, which increased by 1.3 percent to $2.18 billion from $2.152 billion in the same month last year, and sea- and land-based workers with work contracts of less than one year, which grew by 1.5 percent to $547 million from $538 million a year ago.
Similarly, cash remittances coursed through banks increased by 1.3 percent to $2.509 billion in February from $2.476 billion registered in the same month in 2021.
The expansion in cash remittances was due to the increase in receipts from land-based and sea-based workers, which grew by 1.2 percent (to $2.007 billion from $1.983 billion) and 1.6 percent (to $501 million from $493 million), respectively.
The growth in cash remittances from the United States, Japan, and Singapore contributed largely to the increase in remittances in the first two months of 2022.
Meanwhile, in terms of country sources, the US registered the highest share of overall remittances at 41.6 percent in January ? February 2022, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and Malaysia.
The combined remittances from these top ten countries accounted for 79.3 percent of total cash remittances during the period. BSP
