BSP: Personal Remittances Reach US$22 Billion in the First Eight Months of 2019

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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:Ā How to Remit Money to the Philippines Using Bitcoin

Levels (in Million US Dollars)
Ā Personal RemittancesCash Remittances*
Ā MonthlyCumulativeMonthlyCumulative
2014
Jan2,0742,0741,8651,865
Feb1,9894,0631,7913,656
Mar2,2856,3472,0635,719
Apr2,2158,5621,9987,717
May2,17210,7351,9599,676
Jun2,22612,9602,00911,685
Jul2,35015,3112,12513,810
Aug2,22417,5352,00715,817
Sep2,43719,9722,20518,022
Oct2,49522,4672,25820,280
Nov2,20624,6731,99322,274
Dec2,59927,2732,35424,628
2015
Jan2,1342,1341,9271,927
Feb2,1434,2771,9363,863
Mar2,6446,9202,3946,257
Apr2,2929,2122,0708,327
May2,28711,5002,06810,395
Jun2,45813,9582,22712,622
Jul2,49016,4472,25314,874
Aug2,20518,6531,99416,868
Sep2,46921,1222,23419,103
Oct2,39223,5142,16421,266
Nov2,06825,5821,87123,137
Dec2,72628,3082,47025,607
2016
Jan2,2082,2081,9971,997
Feb2,3204,5282,0984,095
Mar2,6067,1342,3626,457
Apr2,4439,5772,2138,670
May2,41611,9932,18810,859
Jun2,57514,5692,33413,192
Jul2,35516,9232,13115,323
Aug2,55919,4822,31917,642
Sep2,62622,1082,38320,025
Oct2,32624,4342,09922,124
Nov2,44826,8832,21724,341
Dec2,82329,7062,55926,900
2017
Jan2,3962,3962,1692,169
Feb2,3974,7942,1694,338
Mar2,9157,7092,6156,953
Apr2,31710,0262,0839,036
May2,58812,6132,31011,346
Jun2,75115,3642,46713,813
Jul2,55917,9232,28316,095
Aug2,80020,7232,49918,595
Sep2,44223,1642,18620,781
Oct2,55225,7172,27523,056
Nov2,52628,2422,26225,318
Dec3,04631,2882,74128,060
2018
Jan2,6552,6552,3792,379
Feb2,5285,1822,2674,647
Mar2,6277,8092,3607,006
Apr2,61610,4262,3479,353
May2,74613,1722,46911,822
June2,61515,7872,35714,179
July2,67518,4622,40116,580
Aug2,76021,2232,47619,057
Sep2,49023,7132,23721,294
Oct2,75726,4702,47423,768
Nov2,58629,0572,32626,094
Dec3,15732,2132,84928,943
2019partial
Jan2,7452,7452,4842,484
Feb2,5575,3022,3014,784
Mar2,7968,0982,5147,299
Apr2,71310,8112,4419,739
May2,89613,7072,60912,349
Jun2,54516,2522,29014,638
Jul2,86719,1192,58117,219
Aug2,87521,9952,58919,808

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 (%)
Ā Personal RemittancesCash Remittances
Ā MonthlyCumulativeMonthlyCumulative
2014
Jan10.710.79.89.8
Feb5.78.25.37.6
Mar16.911.216.610.7
Apr9.710.89.810.5
May4.49.44.39.1
Jun4.98.63.88.2
Jul10.28.99.28.3
Aug4.88.33.67.7
Sep13.18.912.98.3
Oct8.38.88.48.3
Nov-4.57.5-4.47.1
Dec7.77.587.2
2015
Jan2.92.93.33.3
Feb7.75.38.15.7
Mar15.7916.19.4
Apr3.57.63.67.9
May5.37.15.57.4
Jun10.57.710.98
Jul5.97.467.7
Aug-0.86.4-0.66.6
Sep1.35.81.36
Oct-4.14.7-4.24.9
Nov-6.23.7-6.23.9
Dec4.93.84.94
2016
Jan3.43.43.63.6
Feb8.35.98.46
Mar-1.43.1-1.43.2
Apr6.646.94.1
May5.74.35.84.5
Jun4.84.44.84.5
Jul-5.42.9-5.43
Aug164.416.34.6
Sep6.34.76.74.8
Oct-2.83.9-34
Nov18.45.118.55.2
Dec3.64.93.65
2017
Jan8.58.58.68.6
Feb3.35.93.45.9
Mar11.88.110.77.7
Apr-5.24.7-5.94.2
May7.15.25.54.5
Jun6.85.55.74.7
Jul8.75.97.15
Aug9.46.47.85.4
Sep-74.8-8.33.8
Oct9.75.28.44.2
Nov3.25.124
Dec7.95.37.14.3
2018
Jan10.810.89.79.7
Feb5.48.14.57.1
Mar-9.91.3-9.80.8
Apr12.9412.73.5
May6.14.46.94.2
June-4.92.8-4.52.7
July4.535.23
Aug-1.42.4-0.92.5
Sep22.42.32.5
Oct82.98.73.1
Nov2.42.92.83.1
Dec3.633.93.1
2019partial
Jan3.43.44.44.4
Feb1.22.31.53
Mar6.43.76.64.2
Apr3.73.744.1
May5.54.15.74.5
Jun-2.72.9-2.93.2
Jul7.23.67.53.9
Aug4.23.64.63.9

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:Ā [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 publishedĀ  on BitPinas:Ā BSP: Personal Remittances Reach US$22 Billion in the First Eight Months of 2019

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