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OFW remittances drop to 9-month low in June


Published Aug 15, 2019 5:52:02 PM

(FILE PHOTO)

Metro Manila (CNN Philippines, August 15) — Filipinos working abroad sent home less cash in June, mainly due to fewer remittances from those in the Middle East.
Personal remittances from overseas Filipino workers (OFW) totaled $2.55 billion for the month, down 2.7 percent from the $2.62 billion which they sent to their families back home in June 2018. This is also the lowest monthly remittance tallied since September last year, according to data from the Bangko Sentral ng Pilipinas (BSP).
Remittances pertain to money sent by OFWs to their families back home, and are often used to support basic needs and some luxury expenses.
The central bank said the decline came as OFWs based in Saudi Arabia and Qatar wired home less cash via banks. Cash remittances coursed through banks saw a 5.4 percent drop among land-based workers. The decline was partly offset by a 6.3 percent climb by those working at sea.
This was also the first time since August 2018 when remittances fell year-on-year.
Remittances totaled $16.25 billion in the first six months. This is 2.9 percent higher than the $15.79 billion recorded during the same period last year. The BSP projects a 3 percent climb in remittances this 2019.
The United States remained the biggest source of remittances from January-June, accounting for more than a third of the sum. Other big sources were Saudi Arabia, Singapore, United Arab Emirates, and the United Kingdom, the central bank said.
Other big sources were Japan, Canada, Hong Kong, Germany, and Qatar.
Filipinos with longer work contracts sent home $12.4 billion as of June, against the $3.5 billion remitted by those with labor arrangements valid for less than a year.

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