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MANILA, Oct. 15 (Xinhua) – Personal remittances from overseas Filipinos in August 2020 decreased year-on-year by 4.2 percent to 2.756 million US dollars from 2.875 million US dollars recorded in August 2019, it said on Thursday. the Philippine central bank.
“This brings cumulative remittances during the first eight months of the year to US $ 21,414 million, a slight decrease of 2.6 percent from the US $ 21,995 million recorded in the comparable period in 2019,” said the Bangko Sentral ng Pilipinas ( BSP). in a sentence.
The BSP said that cash remittances sent through banks decreased 4.1 percent to $ 2.483 million in August 2020 from $ 2.589 million in August 2019.
During the first eight months of 2020, the central bank said that cash remittances amounted to $ 19,285 million, 2.6 percent less than the $ 19808 million recorded in the comparative period last year.
An estimated 12 million Filipinos are working abroad, according to Philippine government data. These overseas Filipino workers send money to their families in the Philippines.
However, more than 254,000 Filipino workers abroad have been sent home amid the ongoing coronavirus disease (COVID-19) pandemic.
The Asian Development Bank has projected that remittances from Filipino workers abroad, equivalent to nine percent of the Philippines’ gross domestic product, will slow this year due to COVID-19. Final product
