TOP > News > BSP: Personal Remittances Reach US$22 Billion in the First Eight Months of 2019
October 16, 2019 Updated

The regulator further said that cash remittances coursed through banks have also increased.

October 17, 2019 – The Bangko Sentral ng Pilipinas (BSP) said personal remittances reached $22 billion in the first 8 months of 2019. This is 3.6% higher than last year’s $21.2 billion.

In a press release, the BSP said the majority of these remittance inflows are from land-based OFW workers with working contracts of one year or more. This aggregates to $16.8 billion, up from $16.3 billion last year. Inflows from sea-based and land-based workers with short term contracts totaled $4.7 billion, up from $4.4 billion last year.

Read More: How to Remit Money to the Philippines Using Bitcoin

Levels (in Million US Dollars)
  Personal Remittances Cash Remittances*
  Monthly Cumulative Monthly Cumulative
2014
Jan 2,074 2,074 1,865 1,865
Feb 1,989 4,063 1,791 3,656
Mar 2,285 6,347 2,063 5,719
Apr 2,215 8,562 1,998 7,717
May 2,172 10,735 1,959 9,676
Jun 2,226 12,960 2,009 11,685
Jul 2,350 15,311 2,125 13,810
Aug 2,224 17,535 2,007 15,817
Sep 2,437 19,972 2,205 18,022
Oct 2,495 22,467 2,258 20,280
Nov 2,206 24,673 1,993 22,274
Dec 2,599 27,273 2,354 24,628
2015
Jan 2,134 2,134 1,927 1,927
Feb 2,143 4,277 1,936 3,863
Mar 2,644 6,920 2,394 6,257
Apr 2,292 9,212 2,070 8,327
May 2,287 11,500 2,068 10,395
Jun 2,458 13,958 2,227 12,622
Jul 2,490 16,447 2,253 14,874
Aug 2,205 18,653 1,994 16,868
Sep 2,469 21,122 2,234 19,103
Oct 2,392 23,514 2,164 21,266
Nov 2,068 25,582 1,871 23,137
Dec 2,726 28,308 2,470 25,607
2016
Jan 2,208 2,208 1,997 1,997
Feb 2,320 4,528 2,098 4,095
Mar 2,606 7,134 2,362 6,457
Apr 2,443 9,577 2,213 8,670
May 2,416 11,993 2,188 10,859
Jun 2,575 14,569 2,334 13,192
Jul 2,355 16,923 2,131 15,323
Aug 2,559 19,482 2,319 17,642
Sep 2,626 22,108 2,383 20,025
Oct 2,326 24,434 2,099 22,124
Nov 2,448 26,883 2,217 24,341
Dec 2,823 29,706 2,559 26,900
2017
Jan 2,396 2,396 2,169 2,169
Feb 2,397 4,794 2,169 4,338
Mar 2,915 7,709 2,615 6,953
Apr 2,317 10,026 2,083 9,036
May 2,588 12,613 2,310 11,346
Jun 2,751 15,364 2,467 13,813
Jul 2,559 17,923 2,283 16,095
Aug 2,800 20,723 2,499 18,595
Sep 2,442 23,164 2,186 20,781
Oct 2,552 25,717 2,275 23,056
Nov 2,526 28,242 2,262 25,318
Dec 3,046 31,288 2,741 28,060
2018
Jan 2,655 2,655 2,379 2,379
Feb 2,528 5,182 2,267 4,647
Mar 2,627 7,809 2,360 7,006
Apr 2,616 10,426 2,347 9,353
May 2,746 13,172 2,469 11,822
June 2,615 15,787 2,357 14,179
July 2,675 18,462 2,401 16,580
Aug 2,760 21,223 2,476 19,057
Sep 2,490 23,713 2,237 21,294
Oct 2,757 26,470 2,474 23,768
Nov 2,586 29,057 2,326 26,094
Dec 3,157 32,213 2,849 28,943
2019partial
Jan 2,745 2,745 2,484 2,484
Feb 2,557 5,302 2,301 4,784
Mar 2,796 8,098 2,514 7,299
Apr 2,713 10,811 2,441 9,739
May 2,896 13,707 2,609 12,349
Jun 2,545 16,252 2,290 14,638
Jul 2,867 19,119 2,581 17,219
Aug 2,875 21,995 2,589 19,808

The regulator further said that cash remittances coursed through banks have also increased. It rose from $2.5 billion last year to $2.6 billion this year. In total, cash remittances totaled $19.8 billion, up from $19.1 billion last year.

Growth Rates Year0on-Year (%)
  Personal Remittances Cash Remittances
  Monthly Cumulative Monthly Cumulative
2014
Jan 10.7 10.7 9.8 9.8
Feb 5.7 8.2 5.3 7.6
Mar 16.9 11.2 16.6 10.7
Apr 9.7 10.8 9.8 10.5
May 4.4 9.4 4.3 9.1
Jun 4.9 8.6 3.8 8.2
Jul 10.2 8.9 9.2 8.3
Aug 4.8 8.3 3.6 7.7
Sep 13.1 8.9 12.9 8.3
Oct 8.3 8.8 8.4 8.3
Nov -4.5 7.5 -4.4 7.1
Dec 7.7 7.5 8 7.2
2015
Jan 2.9 2.9 3.3 3.3
Feb 7.7 5.3 8.1 5.7
Mar 15.7 9 16.1 9.4
Apr 3.5 7.6 3.6 7.9
May 5.3 7.1 5.5 7.4
Jun 10.5 7.7 10.9 8
Jul 5.9 7.4 6 7.7
Aug -0.8 6.4 -0.6 6.6
Sep 1.3 5.8 1.3 6
Oct -4.1 4.7 -4.2 4.9
Nov -6.2 3.7 -6.2 3.9
Dec 4.9 3.8 4.9 4
2016
Jan 3.4 3.4 3.6 3.6
Feb 8.3 5.9 8.4 6
Mar -1.4 3.1 -1.4 3.2
Apr 6.6 4 6.9 4.1
May 5.7 4.3 5.8 4.5
Jun 4.8 4.4 4.8 4.5
Jul -5.4 2.9 -5.4 3
Aug 16 4.4 16.3 4.6
Sep 6.3 4.7 6.7 4.8
Oct -2.8 3.9 -3 4
Nov 18.4 5.1 18.5 5.2
Dec 3.6 4.9 3.6 5
2017
Jan 8.5 8.5 8.6 8.6
Feb 3.3 5.9 3.4 5.9
Mar 11.8 8.1 10.7 7.7
Apr -5.2 4.7 -5.9 4.2
May 7.1 5.2 5.5 4.5
Jun 6.8 5.5 5.7 4.7
Jul 8.7 5.9 7.1 5
Aug 9.4 6.4 7.8 5.4
Sep -7 4.8 -8.3 3.8
Oct 9.7 5.2 8.4 4.2
Nov 3.2 5.1 2 4
Dec 7.9 5.3 7.1 4.3
2018
Jan 10.8 10.8 9.7 9.7
Feb 5.4 8.1 4.5 7.1
Mar -9.9 1.3 -9.8 0.8
Apr 12.9 4 12.7 3.5
May 6.1 4.4 6.9 4.2
June -4.9 2.8 -4.5 2.7
July 4.5 3 5.2 3
Aug -1.4 2.4 -0.9 2.5
Sep 2 2.4 2.3 2.5
Oct 8 2.9 8.7 3.1
Nov 2.4 2.9 2.8 3.1
Dec 3.6 3 3.9 3.1
2019partial
Jan 3.4 3.4 4.4 4.4
Feb 1.2 2.3 1.5 3
Mar 6.4 3.7 6.6 4.2
Apr 3.7 3.7 4 4.1
May 5.5 4.1 5.7 4.5
Jun -2.7 2.9 -2.9 3.2
Jul 7.2 3.6 7.5 3.9
Aug 4.2 3.6 4.6 3.9

The following countries have the highest shares of overall remittances for January to August 2019:

  1. US
  2. Saudi Arabia
  3. Singapore
  4. United Arab Emirates
  5. UK
  6. Japan
  7. Canada
  8. Hong Kong
  9. Germany
  10. Kuwait

The combined remittances total from the country above is registered at 78.4% with the US at 37%.

Read More: [Feature] Why the Biggest Microfinance Institution in the Philippines is Investing in Blockchain Startup SCI Ventures

According to the BSP, however, there are limitations to the data they have when it comes to personal remittance. For example, because remittance centers will course remittances through correspondent banks, the data cannot be disaggregated by actual country source. Instead, the data is under the country where the correspondent bank’s main office is located. Most of the time, the US will appear as the main source of remittances because the banks will attribute the origin of the funds there.

This article is published  on BitPinas: BSP: Personal Remittances Reach US$22 Billion in the First Eight Months of 2019

Read More:

Contact and Subscribe to BitPinas:

  • Subscribe to our newsletter!
  • For news tips, partnership discussions, or press release submissions, please send to support@bitpinas.com

Leave a Reply

%d bloggers like this: