Remittances fall to four-month low in March

Remittances fell to a four-month low in March due to the lesser number of Filipinos deployed overseas during the month, the Bangko Sentral ng Pilipinas (BSP) reported Thursday evening.

Data released by the central bank showed that personal remittances -- the sum of transfers sent in cash or in-kind via informal channels -- totaled $2.652 billion in March.

This is the lowest in four months since personal remittances came in at $2.639 billion in November 2019.

"The decline in cash remittances in March was largely due to the lesser number of Filipinos deployed overseas in the first three months of 2020 relative to the comparable level last year," the BSP said in an accompanying statement.

Among the countries that registered declines in cash remittances were mostly oil producing countries such as Saudi Arabia, United Arab Emirates, and Kuwait.

By country source, the United States had the highest share to overall remittances with 39%. It was followed by Singapore, Saudi Arabia, Japan, United Kingdom, United Arab Emirates, Qatar, Canada, Hong Kong, and Korea.

"The combined remittances from these countries accounted for 79.1% of total cash remittances," said the BSP.

Meanwhile, cash remittances -- money transfers coursed through banks -- totaled $2.397 billion in March, the lowest since $2.372 billion in November last year.

Year-to-date, personal remittances grew 1.5% to $8.218 billion while cash remittances rose 1.4% to $7.403 billion. -MDM, GMA News