Remittances increased by 3.3% in November.

Date:

Cash remittances from overseas Filipino staff (OFW) increased by 3.3% in November. — PHILIPPINE STAR/RYAN BALDEMOR

By Luisa Maria Jacinta C. Jocson, Reporter

THE MONEY WAS SENT HOME at the most recentoverseas Filipino staff (OFW) increased by 3.3% annually in November as a consequence of the depreciation of the peso against the US dollar, the Central Bank of the Philippines (BSP) said.

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Central bank data showed that remittances through banks rose 3.3% to $2.81 billion in November from $2.72 billion in the identical month a yr ago.

However, the quantity of remittances in November was the bottom in six months, down from the $2.58 billion figure released in May.

Overseas remittances from Filipinos

Month-on-month, remittances fell 8.7% from the $3.08 billion recorded in October.

BSP data showed that remittances from land-based staff rose 3.9% year-on-year to $2.22 billion in November, while money sent by offshore staff rose 1% to $585.505 million.

Meanwhile, remittances from individuals, which include receipts in kind, rose 3.5% to $3.12 billion in November from $3.02 billion a yr earlier.

Remittances from staff with contracts of a yr or more increased by 3.7% to $2.4 billion, while money sent home by staff with contracts of lower than a yr increased by 1.7% to $650 million.

PERIOD OF 11 MONTHS
In the January-November period, remittances rose 3% to $31.11 billion from $30.21 billion a yr earlier.

“Remittances are expected to grow by 3% throughout 2024,” the central bank said.

Remittances at the tip of November represented 90.2% of the BSP’s full-year forecast of $34.5 billion.

“The increase in remittances from the United States, Saudi Arabia, Singapore and the United Arab Emirates (UAE) mainly contributed to the growth in remittances in January-November 2024.” – the central bank reported.

“In terms of domestic sources, the United States accounted for the largest share of total remittances in the period January to November 2024, followed by Singapore and Saudi Arabia.”

The United States accounted for 40.9% of total remittances over the 11-month period, followed by Singapore (7.1%), Saudi Arabia (6.3%), Japan (5%) and the United Kingdom (4.7%). %).

Other major sources of remittances include the United Arab Emirates (4.4%), Canada (3.5%), Qatar (2.9%), Taiwan (2.8%) and South Korea (2.5%).

Personal remittances also rose 3% to $34.61 billion at the tip of November from $33.59 billion a yr earlier.

Analysts say the recent peso depreciation can have impacted remittances through the month.

“In November, the US dollar-peso exchange rate mainly fluctuated at P58-59 compared to the previous month’s P56-58 level, which slightly increased the peso equivalent of OFW remittances,” Michael, chief economist of Rizal Commercial Banking Corp. – said L. Ricafort.

Ricafort stated that this may “restrict more OFW remittances denominated in US dollars/other foreign currencies from being sent to pay the same amount in pesos.”

The peso closed at 58.62 against the dollar at the tip of November, weakening by 52 centavos in comparison with the speed of 58.10 at the tip of October.

The local unit also fell twice in a month to a record low of 59 kilos on the dollar.

“The peso has depreciated, which indicates more pesos for the same foreign currency,” said Leonardo A. Lanzona, an economics professor at Ateneo de Manila University.

“Money transfers are mainly made by recipients aimed toward meeting basic needs. The sender can have guessed that he didn’t must send extra money to satisfy the needs of his family,” he added.

Ricafort also added that the upper cost of living in countries hosting OFWs can have resulted in a discount in the variety of remittances sent home.

As for December, Ricafort said remittances likely increased through the holiday season.

“OFW remittances may increase in December due to the expected seasonal increase during the Christmas and New Year holidays, which constitute the largest household expenditure in a typical year,” he said.

The central bank expects remittances to grow by 3% in 2024 and 2025.

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