Update on Cash Remittances in PH this October 2021
CASH REMITTANCES – Bangko Sentral ng Pilipinas revealed the country’s total monetary remittances in October 2021.
Many Filipinos are working abroad due to bigger salaries – if not, because of a bigger amount they may receive due to the Dollar-Peso coversion. A lot of people chose to brave the unknowns in other countries in their desire to give their families and loved ones a more comfortable life and a brighter future.
Usually, a big chunk of these people’s salaries is sent to their families or loved ones in the Philippines. The funds are allotted for the payment of the utility bills, the food expenses, the tuition of the students, and many other expenses. In some cases, they can have little savings from every weekly or monthly pay.
The overseas Filipino workers (OFWs) would usually send their money to their families and loved ones to the Philippines through banks. Others have it done through fund transfer services.
With regards to the cash remittances through banks, Bangko Sentral ng Pilipinas (BSP) would usually give details on the total monetary remittances that entered the country.
Based on a report on ABS-CBN News, this October 2021, the total cash remittances is by 2.4% compared with the remittances in the same month last year. The rise from $2.747 billion in October 2020 to $2.812 this October. According to the Central Bank, the increase is due to the increase in the receipts from land-based and sea-based workers.
BSP cited that out of the total cash remittances in October 2021, the personal remittances from the OFWs reached $3.117 billion. In the same period in 2020, the Central Bank recorded a total of $3.044 billion in cash remittances.
With regards to the country which is the main source of remittances, it is the United States. It is followed by Singapore, Saudia Arabia, Japan, United Kingdom, United Arab Emirates (UAE), Canada, Taiwan, Qatar, and South Korea.
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