Statistically, I do note that the August 2017 total personal remittances level was a high $2.8 billion, so the $2.44 billion figure of September was a drop of about $360 million and explains some of the 8.3 percent drop, but $2.44 billion still sustains the above-$2 billion trend line that began in March 2014.
â€œThe countries that registered the biggest declines in cash remittances in September were Saudi Arabia, followed by Kuwait, Qatar, and Australia,â€ the BSP said.
â€œOn 26 September 2017, the Saudi government extended the amnesty program anew and a total of 8,467 undocumented Filipinos already availed of the initial offer, according to the DFA,â€ the BSP also said.
I am concerned about the BSP observation on some bank service facilities shutting down their money service business abroad and making it difficult for overseas Filipinos to send their earnings to Filipinos here at home.
As Vice Chair of the House Committee on Banks and Financial Intermediaries and Member of the House Committee on Economic Affairs, I am therefore urging the Philippine banking and remittances sectors to step up and step forward to address this gap. Open more service facilities, extend banking hours, improve your online remittance services, and forge new remittance relationships with money transfer agencies overseas.
I also call upon the Land Bank of the Philippines, the governmentâ€™s official depositary bank and proponent of the Overseas Filipino Bank, to lead the way in serving Filipinos abroad. Prioritize Saudi Arabia, Kuwait, Qatar, and Australia.
The $360 million drop in remittances last September translates to at least P18 billion when converted into pesos. That is a whole lot of cash Filipino families did not receive and could have addressed pressing household needs.