• The Financial District

REMITTANCES DECLINE

Personal remittances from Overseas Filipinos (OFs) in August 2020 declined year-on-year by 4.2 percent to US$2.756 from US$2.875 billion recorded in August 2019. 

This brings the cumulative remittances for the first eight months of the year to US$21.414 billion, a slight decrease of 2.6 percent from the US$ 21.995 billion recorded in the comparable period in 2019. 


Personal remittances from land-based workers with work contracts of one year or more declined to US$2.118 billion in August 2020, 4.6 percent lower than US$2.221 billion recorded in August 2019. 


Similarly, remittances from sea-based workers and land-based workers with work contracts of less than one year fell by 2.2 percent to US$580 million in August 2020 from  US$593 million a year ago.


OF cash remittances that are coursed through banks declined by 4.1 percent to US$2.483 billion in August 2020 from US$2.589 billion in August 2019.


For the period January – August 2020, cash remittances amounted to US$19.285 billion, 2.6 percent lower than the US$19.808 billion registered in the comparative period last year.


This was due to the decline in remittances from both land-based and sea-based workers, which fell by 1.9 percent (to US$15.183 billion from US$15.476 billion) and 5.3 percent (to US$4.101 billion from  US$4.332 billion).


By country source, the decline in remittances in August 2020 compared to the level in the same month last year was noted from Saudi Arabia, Japan and the UAE. 


These were partly offset by observed remittance growth from the United States (U.S.), Singapore, and Malaysia.


In terms of cumulative share, receipts from the U.S. registered the highest share to total OF cash remittances year-to-date at 40.2 percent followed by Singapore, the United Kingdom, Japan, Saudi Arabia, United Arab Emirates, Canada, Hong Kong, Taiwan, and Qatar.


The combined remittances from these countries accounted for 78.9 percent of total cash remittances.



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