The Bangko Sentral ng Pilipinas (BSP) reported that the money sent to the country from overseas by Filipinos despite the challenges of the COVID-19 pandemic went up by 2.5 percent in October.
The personal remittances of Filipinos abroad grew to US$3.044 billion in October 2020 from US$2.969 billion in October 2019, according to the BSP.
The increase came after remittances from land-based workers with one-year contract or longer expanded by 3.3 percent or to US$2.374 billion from the US$2.298 billion last October 2019.
The remittances of both land-based and sea-based workers with less than a year contract also rose by 1.2 percent or to US$612 million from US$605 million.
An upturn in remittances was recorded from the United States of America, Singapore, Qatar, Oman, Hong Kong and Taiwan. However, cash remittances declined from Saudi Arabia, Japan, United Kingdom, United Arab Emirates, Germany, and Kuwait. – PTV News
