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Remittances grow double-digit in May

Business Mirror, Philippines, 13 July 2021 - Filipino migrant workers continued to send home more money in May this year, sustaining the rise of total remittances in the country in recent months.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno told reporters on Tuesday that overseas Filipino workers’ (OFW) remittances hit $2.38 billion in May this year, rising by 13.1 percent from the same level in 2020.

This is the second consecutive month that remittances from Filipino migrant workers grew at a double-digit pace this year. In April, remittances from OFWs hit $2.3 billion, up 12.7 percent from its level in the previous month.

Broken down, the increase in receipts from land-based workers was at 16.2 percent to $1.89 billion during the month. Sea-based workers’ remittances, meanwhile, grew 2.7 percent from its year-ago level to hit $488 million.

The strong remittance performance of the country in May pushed the five-month total to $12.28 billion, up 6.3 percent from its year-ago level of $11.55 billion.

The BSP said the growth in cash remittances from the United States, Malaysia, South Korea, Singapore and Canada contributed largely to the increase in remittances in the first five months of the year.

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Source: https://businessmirror.com.ph/2021/07/13/remittances-grow-double-digit-in-may/

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