Remittances stay on growth path in November — BSP

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Metro Manila (CNN Philippines, January 14) — Money sent home by Filipinos abroad again rose in November 2021, just in time for the Christmas holiday spending, data from the Bangko Sentral ng Pilipinas showed Friday.

The central bank said personal remittances from overseas Filipinos amounted to $2.77 billion, 4.8% higher than the $2.643 billion posted in November 2020.

The November figure brought the cumulative remittances to $31.586 billion in the first 11 months of last year, a 5.3% increase from $29.988 billion in the comparable period in 2020.

"The increase in personal remittances in November was due to remittances sent by land-based workers with work contracts of one year or more, which grew by 6.3% to $2.137 billion from $2.01 billion in the same month last year, and sea- and land-based workers with work contracts of less than one year, which rose by 1% to $581 million from $575 million a year ago," the BSP said.

The US registered the highest share of overall remittances at 40.7% in the January-November period.

It was followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and South Korea.

"The combined remittances from these top ten countries accounted for 78.9% of total cash remittances during the period," the BSP said.