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Remittances sustain growth in August despite Delta onslaught

October 15, 2021 - Friday 8:10 PM by GDM

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Money sent home by Filipinos abroad grew in August, showing their resilience in the face of a global surge in coronavirus cases fueled by the Delta variant.

Cash remittances coursed through banks grew by 5.1 percent to $2.609 billion in August, the Bangko Sentral ng Pilipinas reported Friday.

In the first 8 months, remittances amounted to $20.38 billion, 5.7 percent higher than the year-ago level.

Data showed the growth in cash remittances was due to the increase in remittances from land-based workers and sea-based workers, which rose by 4.1 percent and 8.6 percent, respectively.

The growth in cash remittances from the United States (US), Malaysia, and South Korea contributed largely to the increase in year-to-date remittances.

In terms of country sources, the US registered the highest share of overall remittances at 40.7 percent in the first eight months of 2021, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, South Korea, Qatar, and Taiwan.

The combined remittances from these top ten countries accounted for 78.8 percent of total cash remittances.

For this year, the BSP forecasts cash remittances to grow 6%.