Pinoy seafarers' remittances rise 3 percent, from US$6.4 to US$6.5 billion, says Bangko Sentral

Cash remittances to PH hit new high of $31.4 billion in 2021
Ben O. de Vera - February 15, 2022 https://business.inquirer.net/340998/cash-remittances-to-ph-hit-new-high...

excerpts

MANILA, Philippines—Filipinos living or working abroad never faltered in sending more money back home despite the prolonged COVID-19 pandemic, boosting cash remittances to the Philippines to a fresh high of $31.4 billion in 2021.

In a statement on Tuesday (Feb. 15), the Bangko Sentral ng Pilipinas (BSP) said cash remittances coursed through banks rose 5.1 percent from $29.9 billion in 2020. In December 2021 alone, cash remittances increased 3.3 percent to $2.99 billion from $2.89 billion in 2020.

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“The growth in the 2021 cash remittances was supported by the increase in receipts from land-based and sea-based workers, which rose by 5.6 percent (to $24.9 billion from $23.6 billion) and 3 percent (to $6.5 billion from $6.4 billion), respectively,” the BSP said.

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