NextGen Day

As coronavirus disease 2019 (Covid-19) infections rise again, the recovery of countries from another period of lockdowns will stimulate growth in inflows from overseas Filipino workers (OFWs).

The Bangko Sentral ng Pilipinas (BSP) announced on Friday that cash remittances climbed by 5.1 percent year on year to USD2.502 billion in November 2021, while total inflows increased by 5.2 percent to USD28.43 billion.

In a report, Rizal Commercial Banking Corporation chief economist Michael Ricafort said that remittance inflows were at their lowest in six months two months ago, “but still sharply higher than the worst/lowest levels seen in April-May 2020 at the height of the Covid-19 lockdowns/stay-at-home orders in many host countries around the world.”

Cash remittances totaled USD2.64 billion in June 2021, up from USD2.05 billion in April 2020 and USD2.11 billion the following month, according to BSP data.

OFW remittances are set to take another impact, according to Ricafort, when countries re-implemented stronger quarantine restrictions in response to a new wave of Covid-19 infections.

“An offsetting good component is that some OFWs work as front-line workers, particularly in the health/medical sector and other important businesses, allowing them to continue working and sending remittances to the Philippines, particularly since the Covid-19 outbreak began,” he stated.

As more workers are free to work again and economies recover, OFW-host countries’ limitations will be eased again, boosting remittance growth.

The enormous vaccine and booster doses aimed at population protection and herd immunity that will be administered worldwide in the next months, according to Ricafort, could help the recovery.

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