The Bangko Sentral ng Pilipinas has reported that the remittances sent by overseas Filipino workers (OFWs) grew strongly in September 2020.
The central bank said it was the fastest growth in the last 29 months as OFWs rushed to send money in time for the holiday season.
BSP Governor Benjamin Diokno said Monday that personal remittances went up by 9.1 percent to a two-month high of $2.89 billion in September from $2.65 billion in the same month last year.
This was the fastest growth since the 12.9 percent increase recorded in April 2018.
The BSP chief added that cash remittances coursed through banks increased by 9.3 percent to $2.6 billion in September from $2.38 billion in the same month last year.
The United States, Singapore, Qatar, Hong Kong, and Taiwan were among countries with remittance rates. Saudi Arabia, the United Arab Emirates, Germany, Kuwait, and the United Kingdom on the other hand saw a decline in remittances.
Remittances suffered a huge decline early this year, as tens of thousands of OFWs were displaced from work due to the economic impact of COVID-10 across the world.
