Mon, 02 Aug 2021

Philippine remittances reach 2.5 bln USD in April

Xinhua
16 Jun 2021, 14:05 GMT+10

MANILA, June 16 (Xinhua) -- Personal remittances from overseas Filipinos reached 2.574 billion U.S. dollars in April 2021, higher by 13.1 percent than the amount recorded in April 2020, Philippine central bank data showed.

This brings the cumulative personal remittances for the first four months this year to 11.028 billion U.S. dollars, representing a 5.1 percent growth year-on-year compared to the same period in 2020, the Bangko Sentral ng Pilipinas (BSP) said in a statement released on Tuesday.

The BSP said the U.S. registered the highest share of overall remittances at 40.3 percent for the first four months, followed by Singapore, Saudi Arabia, Japan, Britain, the United Arab Emirates, among others.

The personal remittances remains a major source of the country's foreign exchange inflows, with the 2020 level representing 9.2 percent of the gross domestic product and 8.5 percent of the gross national income, according to the BSP.

Sign up for Manila News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!