OFW remittances

H1 2021 remittances beat pre-pandemic level at $16.6 billion

Ralf Rivas
H1 2021 remittances beat pre-pandemic level at $16.6 billion

HEADING HOME. Repatriated overseas Filipino workers from the United Arab Emirates board a plane to return to the Philippines.

Malacañang

Filipinos in the United States send the most cash in the first half of 2021

Personal remittances from overseas Filipinos (OFs) hit $16.6 billion in the first half of 2021, slightly higher than the 2019 level or before the coronavirus pandemic.

The latest figure reported by the Bangko Sentral ng Pilipinas on Monday, August 16, is slightly higher than the $16.25 billion in the first half of 2019 and 6.7% higher than the $15.57 billion in the same period in 2020.

Total personal remittances in June reached $2.9 billion, 7.3% higher than the $2.7 billion in the same month last year.

Similarly, cash remittances coursed through banks rose by 7% in June to $2.6 billion.

Remittances, so far, came largely from the United States, Malaysia, and South Korea.

Economists earlier said recovery in remittances is a good sign for the Philippine economy, as families rely on relatives abroad for much-needed cash amid the health crisis. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.