Overseas Filipinos' remittances up 13.1% in May 2021

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.

Both land- and sea-based workers remitted more cash during the period.

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.

Debt watcher Fitch Ratings earlier cited robust remittances from OFs as "green shoots" of recovery which help support the Philippine economy during the century's worst health crisis. – Rappler.com

Ralf Rivas

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