The Bangko Sentral ng Pilipinas (BSP) said bank-transferred remittances from overseas Filipinos as of end-October reached $24.633 billion, down 0.9 percent year-on-year form $24.858 billion.
The BSP said the “cumulative contraction” in remittances has narrowed from the previous 1.4 percent in September. For 2020, the central bank has predicted that remittances will contract by two percent and then resume its four-percent a year growth in 2021 until 2022.
(Ali Vicoy/Manila Bulletin)
For the month of October only, cash remittances increased by 2.9 percent year-on-year to $2.747 billion from $2.671 billion. “This increase was due to the growth in remittances from both land-based ($2.186 billion) and sea-based ($561.2 million) workers by 3.3 percent and 1.2 percent, respectively,” said the BSP.