REMITTANCES from overseas Filipinos rebounded in December to bring 2019 inflows to a record high, the Bangko Sentral ng Pilipinas (BSP) reported Monday.
Data released by the central bank showed that personal remittances – the sum of transfers sent in cash or in-kind via informal channels – increased by 1.9 percent to $3.216 billion in December last year.
This compares with the $2.639 billion in November 2019, and the $3.157 billion in December 2018.
This brought the full-year 2019 remittance figure up by 3.9 percent to $33.467 billion from the $32.213 billion recorded in 2018.
“The sustained growth in personal remittances during the year was primarily driven by the 3.5 percent increase in remittances from land-based workers with work contracts of one year or more,” the BSP said in an accompanying statement.
The BSP said personal remittances accounted for 9.3 percent of the gross domestic product (GDP), and 7.8 percent of the gross national income (GNI).
Meanwhile, cash remittances – money transfers coursed through banks – rose by 1.9 percent to $2.902 billion from $2.809 billion in December 2018.
This brought the 2019 full-year cash remittances up 4.1 percent to $30.133 billion versus the $28.943 billion recorded in 2018.
“Notwithstanding pockets of political uncertainties across the globe, cash remittances in 2019 remained strong,” said the BSP.
Inward remittances from Asia grew 12.3 percent, the Americas by 10.6 percent, and Africa by 4.8 percent, which offset the 9.8 percent decline from the Middle East.
The United States remained the largest source of remittances, accounting for 37.6 percent. It was followed by Saudi Arabia, Singapore, Japan, the United Arab Emirates, the UK, Canada, Hong Kong, Germany, and Kuwait which accounted for 78.4 percent of total cash remittances during the period. (GMA News)
