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| Chater Road, where many Filipino domestic workers in HK congregate on their days off |
OFW cash remittances from Hong Kong recovered from a drastic fall in 2021, with the first three months of 2022 recording modest growth, the Bangko Sentral ng Pilipinas has reported.
The growth comes from individuals sending home more money monthly.
In its latest report on Overseas Filipinos’ Remittances, BSP said Hong Kong’s OFWs sent home cash amounting US$192.109 million in the first three months of 2022, a 6% improvement from the previous year’s US$191.021 million.
Of this amount, money sent by land-based workers, mostly domestic helpers, amounted to US$139.317 million during the quarter, up 3.1% over US$135.071 million they sent over the same period last year.
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This improvement made up for the 5.6% decline in remittances from sea-based workers to US$52.792 million from last year’s $55.950 million.
Hong Kong's 2022 performance was an improvement from the 12% full-year decline recorded in 2021 to US$722.229, and to US$821.160 million remitted by OFWs in 2020.
The increase came despite the decline in the number of OFWs in Hong Kong, indicating that individual OFWs were sending more money to their families compared to last year.
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According to Hong Kong's Immigration Department, 14.89% or
32,726 OFWs left from January 2020 –when there were 219,728
of them – to 187,002 in February this year. A total of 206,481 OFWs were also recorded in February 2021.
Based on these figures, remittances by individual OFWs in Hong Kong increased. They were sending an average of HK$2,671.01 per month in 2022, compared to HK$2,273.57 per month in 2021 and $2,452.87 per month in 2020.
Within Asia, Hong Kong ranked fifth among OFW-hosting
countries in the amount of US dollars being sent to the Philippines last year.
Singapore was the top source of OFW remittances, at $2,200.99
million in 2021 and $583.172 million from January to March this year.
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Japan was second with $1,611.19 million, and $392.376
million in the first quarter this year.
Taiwan was third with $841.88 million in 2021 and $194.082
million.
South Korea was fourth with
$788.166 million, and $184.79 million.
Running behind Hong Kong was Malaysia
with $618.216 million, and $194.029 million.
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