BSP Speaks on 2021 PH Cash Remittances
BSP – Bangko Sentral ng Pilipinas revealed the cash remittances of the Philippines in November 2021 and from January to November last year.
A huge part of the Filipino populace works abroad. Some are employed on sea-based jobs like the seafarers while others are on land-based jobs in other countries. For both sea-based and land-based overseas Filipino workers (OFWs), their employment contracts usually do not fall below six (6) months.
In fact, in most cases for land-based OFWs abroad, their contracts are set for at least a year. These individuals endured the longing for their families and loved ones in the pursuit to give them a more comfortable life and provide for all their needs.
Most OFWs send the bigger part of their salaries abroad to their families and loved ones in the Philippines. They do it through online banking systems, money remittance centers, and other fast and convenient modes so their loved ones can receive and use it right away for their needs.
From time to time, Bangko Sentral ng Pilipinas (BSP) gives an update on the PH cash remittances from the overseas Filipino workers (OFWs). They also release details regarding the countries where most of the figures come from.
Recently, BSP gave an update on the cash remittances from OFWs in November 2021. Based on a report on ABS-CBN News, the Central Bank said that the remittances of OFWs reached $2.502 billion on the 11th month of the previous year.
The said figure is 5.1% higher compared to the cash remittances in November 2020. It was at $2.379 billion. With regards to the total figure from January to November 2021, it hit $28.43 billion which is 5.2% higher compared to the $27.013 billion from the same period in 2020.
BSP said that most of the growth in the cash remittances are from the United States, Taiwan, and Malaysia. With regards to the personal remittances, it grew by 4.8% to $2.77 billion.
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