According to the central bank, expatriate Filipinos sent home the number of dollars in June for remittances. It reversed a downtrend from the previous three months.
In addition, it caused the mitigation of the country’s seafarers. Moreover, it also increased remittances from land-based staff.
The Bangko Sentral ng Pilipinas said that this decreased the overall decline in cash from a cumulative contraction of 6.4 percent in May 2020 to 4.2 percent.
It was in the first half of 2020.
“This is due to the 7.6-percent growth of personal remittances from overseas Filipinos in June 2020. It means it grew to $2.737 billion, up from $2.545 billion in June 2019,” the central bank said.
“This trend is a reversal from three consecutive months of decline from their comparable levels last year.”
The Growth was Attributed
The growth in June was attributed to the 14.2-percent rise in remittances from land-based workers. It was with work contracts of one year or more to $2.16 billion in June 2020 from $1.9 billion in June 2019.
In June 2020, remittances from sea-based employees primarily dropped. It was from $593 million a year ago to $515 million by 13.1 percent.
Likewise, in June 2020, overseas Filipino cash remittances through banks rose from $2.29 billion in June 2019 by 7.7 percent to $2.46 billion. It backed mainly by land-based workers’ remittances.
“The continued drop in sea-based workers’ remittances was due to the repatriation of many sea-based workers amid the ongoing COVID-19 pandemic,” the central bank said.
By type of worker, cash remittances from land-and sea-based workers for the January-June 2020 period underperformed their 2019 levels. It was from 4 percent to $10.96 billion.
It was from $11.41 billion, and 5.2 percent to $3.06 billion from $3.23 billion, respectively.
By country source, remittances from some countries showed the results. The United States, Japan, Singapore, Oman, and Taiwan for the first six months of 2020 were among the countries that continually grow.
Meanwhile, declines were observed in Saudi Arabia, the United Arab Emirates, Kuwait, Germany, and the United Kingdom.
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