Dollars sent back to the country by Filipinos overseas rose in the first month of 2020 due to an increase in the amount of dollars sent home by land-based workers.
The Bangko Sentral ng Pilipinas said personal remittances grew by 7.3 percent year-on-year in January 2020 to reach 2.94 billion dollars, up from 2.75 billion in January 2019.
By country source, the United States registered the highest share of overall remittances at 39 percent. It was followed by Japan, Singapore, Saudi Arabia, United Kingdom, United Arab Emirates, Qatar, Canada, Hong Kong, and Korea. The combined remittances from these countries accounted for almost 80 percent of total cash remittances.
The BSP noted there are limitations on the remittance data by source, as remittance centers in various cities abroad course remittances through correspondent banks, mostly in the US.