Metro Manila (CNN Philippines, May 16) — Overseas Filipinos sent home $2.88 billion in March, up 3.1% annually, Bangko Sentral ng Pilipinas data released Monday showed.
This is the quickest year-on-year growth so far this year. The latest tally brought cumulative remittances for the first quarter of 2022 to $8.64 billion, a 2.3% climb from the same period a year ago.
The BSP said remittances from land-based workers with work contracts lasting a year or more rose 3.7% to $2.19 billion. Meanwhile, seafarers and short-term land-based workers remitted $625 million — 1.4% higher than in March 2021.
Most remittances for the quarter came from the United States, accounting for 41.5% of the total. Other major sources were Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and Malaysia.
RCBC chief economist Michael Ricafort said further recovery in remittances in the months ahead would largely depend on the economic rebound of major host countries.
“OFW remittances and conversion to pesos also expected to seasonally increase in April-May 2022, in preparation for the Holy Week holidays and spending, some spending for summer vacation/travel as well as for some fiesta celebrations nationwide, and some tuition payments, a pattern seen in recent years/decades,” he added.
