Skip to content
April 11, 2021
  • Disclosure Policy
  • Sitemap
  • Advertise Here
  • Contact Us
Official  Outlet

Official Outlet

  • Blog Article
  • Business insurance
    • Small Business Ideas
    • Global Business
    • International Business
  • Business analyst
    • Business plan
    • Business insider
    • Business strategy
  • Business management
    • Sales Management
    • Strategy Management
    • Project Management
    • Profitable
  • Opportunity
    • Entrepreneurship
    • Business leadership
  • Human Resource
    • Team Building
    • Business News
    • Employment
    • Profesional Service
Watch Online
  • Home
  • Business News
  • Remittances slip as pandemic drags on
  • Business analyst
  • Business insider
  • Business insurance
  • Business leadership
  • Business management
  • Business News
  • Business plan
  • Business strategy

Remittances slip as pandemic drags on

REUTERS By Luz Wendy T. Noble, Reporter MONEY SENT HOME by overseas Filipino workers (OFWs) fell for a second straight month in January, as many
Adiantku 4 weeks ago 2 min read

REUTERS

By Luz Wendy T. Noble, Reporter

MONEY SENT HOME by overseas Filipino workers (OFWs) fell for a second straight month in January, as many returned home after losing their jobs amid a coronavirus pandemic.

Cash remittances in January slipped by 1.7% to $2.603 billion from $2.648 billion a year ago, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed.

Remittances also declined by a tenth (9.93%) from $2.89 billion in December, when OFWs typically send more money.

The United States remained the biggest source of remittances during the month (40.9%), BSP data showed.

Inflows from the US, Singapore, Saudi Arabia, Japan, United Kingdom, Canada, United Arab Emirates, Qatar, Malaysia, and Taiwan accounted for 78.2% of the total.

January cash remittances sent by land-based workers dropped by 2.4% to $2.044 billion. On the other hand, remittances from Filipino seafarers went up by 1% to $558 million.

Personal remittances, which include inflows in kind also slid by 1.7% to $2.895 billion in January.

In 2020, cash remittances dipped by 0.8% to $29.903 billion from a record $30.133 billion in 2019. This was the first annual contraction since the -0.3% in 2001 and the worst since the -18.3% registered in 1999.

The central bank expects remittance inflows to grow by 4% this year, on hopes of economic recovery.

The lower remittance inflows in January was due to base effects as well as the continued repatriation of OFWs, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

The Department of Foreign Affairs told a congressional hearing last week that more than 383,000 OFWs have been repatriated since the pandemic began last year.

The recent spike in COVID-19 infections and the emergence of new variants led to renewed restrictions in some host economies, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

However, the peso’s recent depreciation trend would benefit OFWs, Mr. Asuncion said. The peso depreciated by 8.5 centavos to close at P48.54 against the dollar on Monday.

“They would want to send more money and ‘get more’ for their remittances. Hopefully, this can contribute to further recovery of remittance inflow growth,” Mr. Asuncion said.

A new COVID-19 variant first detected in the country could also affect the prospects of Filipinos who are planning to work abroad, said John Paolo R. Rivera, an economist from the Asian Institute of Management.

“The new virus strain from the Philippines might be disadvantageous on our part because this might prompt receiving economies to be much stricter in allowing the entry of OFWs in their territories. This will affect deployment, which will affect remittances negatively,” he said in an e-mail.

Japan’s National Institute of Infectious Diseases on Friday said it had detected a new coronavirus variant from a traveler who came from the Philippines.

Health officials said the mutation is distinct from the British, South African and Brazilian variants, but may potentially be as contagious.

COVID-19 infections have surged in recent days. The Health department reported 5,404 new cases on Monday, bringing the total to 626,893. This was the highest single-day tally since August.

Overseas Filipinos’ cash remittances (Jan. 2021)

Source link

Continue Reading

Previous: Fast food giant Jollibee targets foreign expansion after COVID
Next: iwoca launches support for Yorkshire’s female business owners

Related Stories

Facebook will not notify over 530m users exposed in 2019 breach 2 min read
  • Business analyst
  • Business insider
  • Business insurance
  • Business management
  • Small Business Ideas
  • Strategy Management

Facebook will not notify over 530m users exposed in 2019 breach

Adiantku 3 hours ago
British tech start-up takes on Amazon in the battle for the High Street 3 min read
  • Business analyst
  • Business insider
  • Business insurance
  • Business management
  • Small Business Ideas
  • Strategy Management

British tech start-up takes on Amazon in the battle for the High Street

Adiantku 1 day ago
Pru Life UK receives four Golden Arrows for solid corporate governance 1 min read
  • Business management
  • Business News
  • Business plan
  • Business strategy
  • Global Business
  • International Business
  • Sales Management

Pru Life UK receives four Golden Arrows for solid corporate governance

Adiantku 1 day ago
Three entrepreneurs join the Board of UK’s leading business organisation 2 min read
  • Business analyst
  • Business insider
  • Business insurance
  • Business management
  • Small Business Ideas
  • Strategy Management

Three entrepreneurs join the Board of UK’s leading business organisation

Adiantku 2 days ago
Pru Life UK receives four Golden Arrows for solid corporate governance 1 min read
  • Business management
  • Business News
  • Business plan
  • Business strategy
  • Global Business
  • International Business
  • Sales Management

Pru Life UK receives four Golden Arrows for solid corporate governance

Adiantku 2 days ago
STADA Philippines shows resilience with triple-digit growth in 2020 3 min read
  • Business News
  • Employment
  • Entrepreneurship
  • Financial
  • Human Resource
  • Opportunity
  • Profesional Service
  • Profitable
  • Project Management
  • Sales Management
  • Strategy Management
  • Team Building

STADA Philippines shows resilience with triple-digit growth in 2020

Adiantku 2 days ago

Recent Posts

  • Facebook will not notify over 530m users exposed in 2019 breach
  • British tech start-up takes on Amazon in the battle for the High Street
  • Pru Life UK receives four Golden Arrows for solid corporate governance
  • Three entrepreneurs join the Board of UK’s leading business organisation
  • Pru Life UK receives four Golden Arrows for solid corporate governance

About Us

  • Disclosure Policy
  • Sitemap
  • Advertise Here
  • Contact Us

Categories

  • Blog Article
  • Business analyst
  • Business insider
  • Business insurance
  • Business leadership
  • Business management
  • Business News
  • Business plan
  • Business strategy
  • Employment
  • Entrepreneurship
  • Financial
  • Global Business
  • Human Resource
  • International Business
  • Opportunity
  • Profesional Service
  • Profitable
  • Project Management
  • Sales Management
  • Small Business Ideas
  • Strategy Management
  • Team Building

You may have missed

Facebook will not notify over 530m users exposed in 2019 breach 2 min read
  • Business analyst
  • Business insider
  • Business insurance
  • Business management
  • Small Business Ideas
  • Strategy Management

Facebook will not notify over 530m users exposed in 2019 breach

Adiantku 3 hours ago
British tech start-up takes on Amazon in the battle for the High Street 3 min read
  • Business analyst
  • Business insider
  • Business insurance
  • Business management
  • Small Business Ideas
  • Strategy Management

British tech start-up takes on Amazon in the battle for the High Street

Adiantku 1 day ago
Pru Life UK receives four Golden Arrows for solid corporate governance 1 min read
  • Business management
  • Business News
  • Business plan
  • Business strategy
  • Global Business
  • International Business
  • Sales Management

Pru Life UK receives four Golden Arrows for solid corporate governance

Adiantku 1 day ago
Three entrepreneurs join the Board of UK’s leading business organisation 2 min read
  • Business analyst
  • Business insider
  • Business insurance
  • Business management
  • Small Business Ideas
  • Strategy Management

Three entrepreneurs join the Board of UK’s leading business organisation

Adiantku 2 days ago
  • Disclosure Policy
  • Sitemap
  • Advertise Here
  • Contact Us
  • Disclosure Policy
  • Sitemap
  • Advertise Here
  • Contact Us
Copyright © 2021 Officialreligionoutlet.com. All rights reserved. | Kreeti by AF themes.