Close Menu
    Facebook X (Twitter) Instagram
    BusinessNews.phBusinessNews.ph
    Subscribe
    • Top Stories
    • Business
    • Events / Conventions
    • National
    • Technology
    BusinessNews.phBusinessNews.ph
    Home » Remittances from Overseas Filipinos Drop 0.3% to $33.2bn in December 2020
    Business

    Remittances from Overseas Filipinos Drop 0.3% to $33.2bn in December 2020

    By Kharla MarasiganFebruary 16, 2021
    GMA Network
    Photo by Vladimir Solomyani on Unsplash.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Personal remittances from Overseas Filipinos (OFs) dropped slightly by 0.3 per cent year-in-year to $3.205 billion in December 2020 from $3.216 billion in December 2019, according to data released by the Bangko Sentral ng Pilipinas (BSP).

    The slight decrease was attributed to the 0.7 per cent decrease in remittances from land-based workers with work contracts of one year or more to $2.494 billion from $2.512 billion recorded in December 2019.




    Meanwhile, remittances from sea-based workers and land-based workers with work contracts of less than one year rose slightly by 0.8 per cent to $647 million in December 2020 from $642 million in December 2019.

    The full-year 2020 personal remittances from OFs reached U$33.194 billion, lower by 0.8 per cent than the $33.467 billion recorded in 2019.

    Nonetheless, personal remittances remained a major source of the country’s foreign exchange inflows, with the 2020 level representing 9.2 per cent of the gross domestic product (GDP) and 8.5 per cent of the gross national income (GNI).

    Similarly, OFs’ cash remittances coursed through the banks fell slightly by 0.4 per cent to $2.89 billion in December 2020 from $2.902 billion in December 2019.

    Remittances from Land-based Workers Drop

    In particular, cash remittances from land-based workers fell by 0.7 per cent to $2.297 billion, while that of sea-based workers increased by 0.8 per cent to $593.2 million.

    The full-year OFs’ cash remittances amounted to $29.903 billion, lower by 0.8 per cent than the $30.133 billion registered in 2019. The actual annual decline in 2020 was, however, lower than the earlier forecast contraction of 2 per cent for the year.

    By country source, cash remittances from Saudi Arabia, Japan, the United Kingdom (UK), the United Arab Emirates (UAE), Germany, and Kuwait declined, while those from the United States (US), Singapore, Canada, Hong Kong, Qatar, South Korea, and Taiwan increased.

    The US posted the highest share of the total remittances at 39.9 per cent, followed by Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Hong Kong, Qatar, and South Korea. The combined remittances from these countries accounted for 78.6 per cent of the total cash remittances. – BusinessNews.ph

    For the latest business and finance news in Asia - Business News Asia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    BW Digital and BW ESS launch BW Velora to drive greater digital sustainability

    June 20, 2025

    New method to blend functions for soft electronics

    June 19, 2025

    Euro Manganese and Integrals Power Sign LOI and Offtake Term Sheet to Strengthen LMFP Battery Supply Chain

    June 19, 2025
    Latest News

    QS Energy Receives Initial Order for Multi-Year AOT Technology Deployment

    June 21, 2025

    CanSinoBIO Launches Pneumococcal Vaccine: An Innovative Choice to Safeguard Children’s Health

    June 21, 2025

    BW Digital and BW ESS launch BW Velora to drive greater digital sustainability

    June 20, 2025

    Legacy and Lifestyle: U.S. Polo Assn. Hosts Iconic Party at Pitti Uomo 108 in Florence, Italy

    June 20, 2025

    Philconstruct Visayas 2025 Showcases Innovation, Sustainability in Construction

    June 19, 2025

    How Containers Supercharge AI Development Projects

    June 19, 2025

    New method to blend functions for soft electronics

    June 19, 2025

    ULVAC Continues Participation in “Lab-in-Fab” Project to Advance Piezoelectric MEMS Technology, Now Entering a New Phase

    June 19, 2025

    Euro Manganese and Integrals Power Sign LOI and Offtake Term Sheet to Strengthen LMFP Battery Supply Chain

    June 19, 2025

    HKTDC Maintains 3% Export Growth Forecast

    June 18, 2025

    “J-Style Trip Season 3” Tops Ratings for Twelve Consecutive Episodes

    June 18, 2025

    CleverTap Launches “Promos” The Industry-First All-In-One Rewards Management Platform

    June 18, 2025

    Canstar Strengthens Technical Advisory Board with the Appointment of Geologist and VMS Mineralization Expert, Dr. Stephen J. Piercey, P.Geo., FGC

    June 18, 2025

    The Lemon Co.: How a Cebuano’s Homecoming Sparked a National Health Beverage Brand

    June 18, 2025

    Clark Waste Crisis: Was the Experienced Solution Sidelined?

    June 18, 2025
    BusinessNews.ph
    • Home
    • Business News Asia
    • Cebu Lifestyle Channel
    • Property News
    • Events News Asia.com
    • Contact Us
    • Cebu Business News
    © 2025 All Rights Reserved | BusinessNews.ph

    Type above and press Enter to search. Press Esc to cancel.