Remittances stay on growth path in November — BSP

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Remittances stay on growth path in November — BSP

Metro Manila (CNN Philippines, January 14) - Money sent home by Filipinos to another country again rose in November 2021, with perfect timing for the Christmas occasion spending, information from the Bangko Sentral ng Pilipinas showed Friday.

The national bank said individual settlements from abroad Filipinos added up to $2.77 billion, 4.8% higher than the $2.643 billion posted in November 2020.

The November figure carried the aggregate settlements to $31.586 billion in the initial 11 months of last year, a 5.3% expansion from $29.988 billion in the practically identical period in 2020.

"The increment in private settlements in November was because of settlements sent via land-based laborers with work agreements of one year or more, which developed by 6.3% to $2.137 billion from $2.01 billion around the same time last year, and ocean and land-based specialists with work agreements of short of what one year, which rose by 1% to $581 million from $575 million per year prior," the BSP said.

The US enrolled the most elevated portion of generally settlements at 40.7% in the January-November period.

It was trailed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and South Korea.

"The joined settlements from these best ten nations represented 78.9% of all out cash settlements during the period," the BSP said.

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