Monday, December 9, 2019

Aug 19 19, 4:39 pm

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OFW remittances drop in June

by | News

Aug. 19, 19 | 4:39 pm

The Bangko Sentral ng Pilipinas (BSP) has recorded a drop in the personal remittances of overseas Filipino workers (OFWs) in June.

In a report, BSP said it recorded a total remittance of $2.545 billion in June this year – the lowest posted since September 2018’s $2.490 billion.

The amount is also lower than the $2.615 billion in the same period a year ago and 12 percent lower than May’s $2.896 billion.

BSP, however, did not cite the specific reason for the decline.

Personal remittances are made up of OWF’s net compensation; personal transfers, whether in cash or kind; and capital transfers between households.

Even the cash remittances also fell by 2.9 percent at $2.290 billion compared to the $2.357 billion last year. There was also a 12.2 percent drop recorded from the $2.609 billion in May.

According to BSP Governor Benjamin Diokno, Saudi Arabia was among the countries that contributed to the June decline as cash remittances from land-based workers dropped.

There was a recorded 5.4-percent year-on-year drop in cash remittances from land-based workers, which was mitigated by the 6.3-percent increase year-on-year in transfers from sea-based workers.

The June figure sums up the first-half tally at $16.252 billion. This is a 2.9 percent increase from the $15.787 billion in the same period last year.

The biggest source of remittances from January – June came from the United States, which accounts for more than a third of the total.

Other big sources were Saudi Arabia, Singapore, United Arab Emirates, United Kingdom, Japan, Canada, Hong Kong and Germany.

Compared to the $3.5 billion remitted by those with labor arrangements valid for less than a year, those with longer contracts sent home $12.4 billion as of June, BSP said.

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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