BSP: Personal Remittances Reach US$22 Billion in the First Eight Months of 2019
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:
- US
- Saudi Arabia
- Singapore
- United Arab Emirates
- UK
- Japan
- Canada
- Hong Kong
- Germany
- Kuwait
The combined remittances total from the country above is registered at 78.4% with the US at 37%.
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
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