Overseas Filipinos in Hong Kong sent more money home in 2020
Filipinos in Hong Kong were among those who sent more money back to the Philippines in 2020, despite lockdowns, layoffs, and repatriations due to the Covid-19 pandemic.
The total personal remittances of overseas Filipinos hit US$33.19 billion last year—down by 0.8% from 2019 pre-pandemic figures, data from the Bangko Sentral ng Pilipinas showed.
The amount represented 9.2% of the Philippines’ gross domestic product and 8.5% percent of its gross national income, both key indicators of a country’s economy.
Hong Kong-based Filipinos still managed to remit US$821 million in 2020, 2.4% higher than remittances last year.
Cash remittances from Filipinos Hong Kong and six other countries increased in the last year, while Filipinos based in Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Germany and Kuwait sent less money home last year.
The decline of remittances in 2020 was much lower than the 2% contraction earlier predicted, the BSP said in a statement.