MONEY sent home by overseas Filipino workers grew by 4.8 percent to US$2.77 billion in November 2021 from $2.643 billion recorded in the same month last year.
This resulted in the increase of total remittances to $31.586 billion in the first 11 months of 2021 or a 5.2 percent hike from $29.988 billion in the same period in 2020.
The Bangko Sentral ng Pilipins said the increase in remittances during the month was due to remittances sent by land-based workers with work contracts of one year or more, which grew by 6.3 percent to $2.137 billion from $2.01 billion in the same month last year, and sea- and land-based workers with work contracts of less than one year, which rose by one percent to $581 million from $575 million a year ago.
In terms of country sources, the United States posted the highest share of overall remittances at 40.7 percent in the first eleven months of 2021, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and South Korea.
The combined remittances from these top 10 countries accounted for 78.9 percent of total cash remittances during the period. (KOC WITH PR)