Philippines ‘modern-day’ heroes hit an all-time high record as remittances transferred via the banking networks grew by 5.1% from $33.19 billion in 2020 to $34.88 billion in 2021.
The recent growth rate, however, was slightly lower than the 6% growth target of the Bangko Sentral ng Pilipinas (BSP) on expectations of higher-than-anticipated recovery after contracting 0.8 percent in 2020 due to the pandemic.
Cash remittances from the United States accounted for the largest share of 40.5% of the overall remittances, said the BSP. This is followed by countries like Singapore, the United Kingdom, Canada, Saudi Arabia, United Arab Emirates, South Korea, Taiwan, and Qatar.
According to Bangko Sentral ng Pilipinas Governor Benjamin Diokno, the growth in personal remittances reflected a pick-up in OFW deployment, strong demand for OFWs amid the reopening of host economies to foreign workers, and the continued shift to digital support that facilitated inward transfer of remittances.