Remittances from overseas Filipinos (OFs) saw double-digit growth in May, as coronavirus restrictions eased and more jobs came back worldwide.
The Bangko Sentral ng Pilipinas on Tuesday, July 13, said money transfers coursed through banks grew 13.1% to $2.38 billion in May 2021 from $2.106 billion in May 2020.
Meanwhile, personal remittances or transfers sent in cash or in-kind through informal channels rose 13.3% to $2.65 billion from $2.34 billion a year ago.
On a year-to-date basis or from January to May, remittances grew 6.3% to $12.28 billion from $11.55 billion during the same period in 2020.
The remittances were mostly from the United States, Malaysia, South Korea, Singapore, and Canada.