Metro Manila (CNN Philippines, July 13) — Overseas Filipinos sent more money in May 2021, recent data from the Bangko Sentral ng Pilipinas (BSP) showed.
Remittances hit $2.65 billion during the month – up by 13.3% from $2.34 billion in May last year.
This pushed total remittances from January to May to $13.68 billion – a 6.6% increase from $12.83 billion during the same period last year.
The BSP said land-based workers with contracts lasting at least a year sent home $2.05 billion in May this year. This is 16.2% higher than the $1.77 billion recorded in May 2020.
Remittances made by seafarers and short-term land-based laborers also grew from $519 million to $532 million – rising by 2.7%.
The central bank reported cash transfers from overseas Filipinos in the United States had the biggest chunk of overall transactions for the period.
Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, South Korea, Qatar, and Taiwan were also top sources of remittances from abroad.
