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Filipino remittances hit record high of Php162.8B in December 2019 amid coronavirus threat

by | News

Feb. 17, 20 | 5:46 pm

The Bangko Sentral ng Pilipinas (BSP) has reported that Filipinos abroad sent more money to their families back home in December.

Personal remittances grew by nearly 2 percent in December to $3.22 billion(Php162.8B), the highest monthly inflow on record.

RELATED STORY: OFWs told: Save, Invest your remittances

Cash sent home by overseas Filipinos totaled $33.47 billion for 2019 which is 3.9 percent higher than the total amounts received in 2018, with the United Arab Emirates ranking fifth in the countries which have sent the highest amount of remittances.

This is not an unusual spike because Filipinos send money back home during Christmas and New Year celebrations.

READ ON: Bigger OFW remittances from UAE seen

Cash remittances of Filipinos abroad contribute a lot to the country’s economic growth.

OFWs accounted for the biggest remittances, with those with long-term contracts on land sending home $25.6 billion.

Sea-based workers account for $7.1 billion worth of funds to their loved ones and beneficiaries in the Philippines

United States is the major source of remittances followed by Saudi Arabia, Singapore, Japan, UAE, the United Kingdom, Canada, Hong Kong, Germany, and Kuwait.

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WhatsApp gets 40% increase in usage following COVID-19 pandemic

WhatsApp gets 40% increase in usage following COVID-19 pandemic

The usage of messaging app WhatsApp has spiked by around 40% since the coronavirus disease (COVID-19) pandemic, a study showed. In the data released by consulting company Kantar, WhatsApp is currently the most used social media app as people get more keen to stay...

Rent postponed for 6 months at Dubai free zones

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Dubai has announced that it will postpone the rent of companies operating in free zones for six months as part of its assistance against coronavirus disease (COVID-19), Khaleej Times reported. Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum,...

UAE nurses second Filipino to full recovery from COVID-19

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The UAE has continues to nurse its residents back to full health as authorities have reported the second Filipino who has recovered from the virus. As of press time, there are 18 Filipinos who have been reported to have contracted the virus in the country, two of whom...

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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.

FOLLOW US

SIGN UP FOR NEWSLETTER

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