Personal Remittances Reach $2.9 Billion in January 2020

Please share and grow the BitPinas community.

March 20, 2020 – The Bangko Sentral ng Pilipinas (BSP) reveals that personal remittances from overseas Filipinos (OFs) grew by 7.3% year-on-year in January 2020. The number grew from US$2.75 billion in January 2019 to US$2.92 billion in January 2020.

Most of the remittances come from land-based workers whose contracts are one year or more. They contributed US$2.27 billion, up from US$2.12 billion from the same time last year. Sea-based and land-based workers with contracts of less than one year also increased their remittances to US$0.6 billion, up from US$0.58 billion last year.

There was also an increase in cash remittances coursed through banks. The remittances amount to US$2.65 billion in January 2020, up from US2.48 billion in January 2019. The United States still registers the highest share of remittances at 38.9%. The top 10 countries remitting money to the country are as follows:

  1. US
  2. Japan
  3. Singapore
  4. Saudi Arabia
  5. United Kingdom
  6. United Arab Emirates
  7. Qatar
  8. Canada
  9. Hong Kong
  10. South Korea

80% of all remittances to the Philippines comes from the countries above.

Just like in previous remittance reports, there might be a discrepancy when it comes to the source of remittances. The reason that the highest remittances are coming from the US may partly be because a lot of remittance centers in various countries will course the remittance through their partner banks in the US.

Personal remittances for the entire 2019 period is US$33 billion, a record high. Cash remittance is also at US$25.6 billion, up from US$24.8 in 2018. Long-term Overseas Filipinos helped in supporting the growth of personal remittances in the country.

This article is published on BitPinas:Ā Personal Remittances Reach $2.9 Billion in January 2020

Please share and grow the BitPinas community.

Join and subscribe to stay up to date
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
shares