COVID-19: Remittances of Filipinos abroad decreased: Germany fell by more than 30%
Manila
August 25, 2020
Central Bank of the Philippines (BSP): (See attached table)
On August 17, remittances to the Filipinos abroad during the first half of 2020 were affected by the “New Corona Erosion” and fell by 4.2% from the same period of the previous year to $14,019.4 million.
However, the remittance record for June increased by 7.7% year-on-year to $2,465.3 million.
The repatriation of passengers on board a ship has continued, and the remittance of seafarers has been sluggish.
By Remittance Place (1st Half):
USA,
Singapore,
Japan,
Taiwan
Is growing.
Saudi Arabia
United Arab Emirates (UAE),
Middle Eastern countries have fallen sharply.
In particular, Germany fell by more than 30% from the first half of the previous year and could not enter the top 10 countries/regions this term.
Philippine Department of Labor:
On August 15, the number of overseas workers receiving financial assistance from the Philippine government reached 604,403 due to the impact of the “New Corona Erosion”.
254,426 have returned to the Philippines, but 349,977 continue to work abroad.
-JETRO
https://www.jetro.go.jp/biznews/2020/08/0b07d899d7f3c014.html