Remittances sent abroad by Filipino migrants fell to a minimum of $3.24 billion in January, down 2.9% compared to the same period last year, but lower than December’s $3.73 billion, marking the weakest result since November when it was recorded at $3.12 billion. It is noted that the decline is attributed to reduced remittances from those working on land as well as at sea.
The total of $2.92 billion was sent in the form of cash remittances through banks, which also increased by 2.9% year-on-year, but was lower than December’s $3.38 billion. The United States remains the largest source of cash remittances, accounting for 41.2%, followed by Singapore (7.5%), Saudi Arabia (6.6%), Japan (5.7%), and the United Kingdom (4.7%). Major contributions also came from the UAE, Canada, Qatar, Taiwan, and Malaysia.
"The slowdown was expected since after the New Year holidays remittances usually decrease," noted economist Oykon Met Mat Yeresh.
