BSP: Personal Remittances Register US$2.7 Billion in May 2022; Cumulative Level Rises by 2.5 Percent YoY to US$14.0 Billion
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Personal remittances from Overseas Filipinos (OFs) reached US$2.70 billion in May 2022, higher by 2.0 percent than the US$2.65 billion posted in the same month last year. This resulted in the increase of the cumulative personal remittances by 2.5 percent to US$14.02 billion in the first five months of 2022 from US$13.68 billion recorded in the comparable period in 2021.
The increase in personal remittances in May 2022 was due to remittances sent by 1) land-based workers with work contracts of one year or more, and 2) sea- and land-based workers with work contracts of less than one year.
Similarly, cash remittances coursed through banks increased by 1.8 percent year-on-year to US$2.43 billion in May 2022 from US$2.38 billion registered in the same month in 2021. On a year-to-date basis, cash remittances reached US$12.59 billion, 2.5 percent higher than the US$12.28 billion recorded in the comparable period last year.
The expansion in cash remittances in May 2022 was due to the growth in receipts from land-based and sea-based workers.
In terms of country source,[1] the growth in cash remittances from the United States (US), Saudi Arabia, Japan, Qatar, and Singapore contributed largely to the increase in remittances in the first five months of 2022.
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