REMITTANCES from overseas Filipinos slipped to a six-month low in November 2022, data released by the Bangko Sentral ng Pilipinas (BSP) yesterday revealed.
Cash remittances – money transfers coursed through banks or formal channels – for the month stood at $2.644 billion, the lowest since $2.425 billion recorded in May 2022.
This is lower than the $2.944 billion recorded in October, but higher than the $2.502 billion seen in November 2021.
Year-to-date cash remittances grew to $29.380 billion from $28.430 billion in the comparable period of 2021.
“The growth in cash remittances from the United States, Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances…” the BSP said in a statement.
Data showed that the US accounted for 41.4% of total remittances from January to November 2022, followed by Singapore with 6.9 percent, Saudi Arabia with 5.8 percent, Japan with 5.1 percent, the United Kingdom with 4.7 percent, and the United Arab Emirates with 4.2 percent.
Behind them were Canada with 3.6 percent, Qatar with 2.8 percent, Taiwan with 2.7 percent, South Korea with 2.5 percent, and other countries with 20.3 percent.
Personal remittances – the sum of transfers sent in cash or in-kind via informal channels – stood at $2.931 billion, also the lowest in six months since May’s $2.705 billion.
It is lower than the $3.227 billion in October, but higher than the $2.770 billion in November of the previous year.
“The increase in personal remittances in November 2022 was due to higher remittances sent by land-based workers with work contracts of one-year or more and sea- and land-based workers with work contracts of less than one year,” the BSP said.
Year-to-date personal remittances came in at $32.649 billion, higher than the $34.884 billion in the same period of 2021. (GMA Integrated News)
