Overseas remittances up 5.1% to $34.8B in 2021

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MONEY despatched residence by abroad Filipinos has reached a brand new excessive of US$34.884 billion in 2021, surpassing the $33.194 billion recorded a 12 months in the past by 5.1 p.c.

For the month of December, private remittances grew year-on-year by 2.9 p.c to $3.298 billion, the very best month-to-month stage because the monitoring of non-public remittances information collection started in 2005, the Bangko Sentral ng Pilipinas (BSP) reported.

The sustained development in private remittances through the 12 months was pushed by remittances despatched by land-based employees with work contracts of 1 12 months or extra, which elevated yearly by 5.6 p.c to $27.005 billion from $25.564 billion, and sea- and land-based employees with work contracts of lower than one 12 months, which grew by 2.9 p.c to $7.138 billion from $6.934 billion in 2020.

“The expansion in private remittances mirrored a pickup in abroad Filipino employees (OFWs) deployment, robust demand for OFWs amid the reopening of host economies to overseas employees, and the continued shift to digital help that facilitated inward switch of remittances,” the BSP mentioned.

The central financial institution added that the robust inward remittances, in flip, contributed to the rise in home demand, with the 2021 stage accounting for 8.9 p.c and eight.5 p.c of the nation’s gross home product and gross nationwide revenue, respectively.

Money remittances coursed by banks final 12 months totaled $31.418 billion, up 5.1 p.c from the $29.903 billion recorded in 2020.

The BSP mentioned amid the worldwide pandemic, money remittances despatched by abroad Filipinos throughout numerous areas remained strong.

By nation supply, money remittances from the US accounted for the most important share of general remittances at 40.5 p.c adopted by Singapore, Saudi Arabia, Japan, the UK, the United Arab Emirates, Canada, Taiwan, Qatar, and South Korea. (KOC WITH PR)