Data released by the Bangko Sentral ng Pilipinas on Tuesday showed cash remittances coursed through banks rose 3.8% to $2.84 billion in September from $2.74 billion in the same month last year.
The strong dollar has prompted many OFWs to send more money to their families, who are coping with rising prices of food, utilities and transport. The peso closed at P58.625 against the US dollar on Sept. 31, weakening by P2.48 or 4.23% from its Aug. 31 close of P56.145.nish on Dec. 31, 2021.“Whatever gains OFWs and their families/dependents may have due to more peso proceeds for their US dollars/foreign currencies may be oset/negated by higher local prices/inflation,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail note.
Nearly half or 41.7% of the overall remittances came from OFWs in the United States, followed by Singapore , Saudi Arabia , Japan , the United Kingdom , and the United Arab Emirates .“The better pace of remittances may in part have been driven by good economic prospects in some of the host countries including the US, combined with remitters taking advantage of the weak peso,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.
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