Despite the harsh conditions caused by the ongoing pandemic, overseas Filipino workers (OFWs), dubbed as the ‘Bagong Bayani or modern heroes, find ways to send money to their loved ones in the Philippines.
This July reached a seven-month high.
MANILA — According to the Bangko Sentral ng Pilipinas (BSP), this phenomenon is a reflection of improved employment situations in major economies that have started recovering from the coronavirus pandemic.
BSP says cash remittances rose 2.5 percent to $2.853 billion in July from $2.783 billion a year earlier.
Further, July remittance inflows are at the highest level since the $2.89 billion in December 2020.
The BSP says cash remittances increased 8.1 percent from the $2.638 billion in June.
“The increase in cash remittances was due to the growth in remittances from land-based workers and sea-based workers, which rose by 1.6 percent (to $2.308 billion from $2.273 billion) and 6.9 percent (to $545 million from $510 million), respectively,” says the BSP.
For the first seven months of 2021, cash remittances stood at $17.771 billion, up 5.8 percent from the $16.802 billion in the same period of 2020.
Remittances from OFWs in the United States, Malaysia, and South Korea helped boost the year-to-date tally, according to the central bank.
The US is still the biggest remittance source, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, South Korea, Qatar, and Taiwan. Together, inflows from these countries made up 78.6 percent of the total for the period. (JD/The MiNT)