CASH remittances from overseas Filipinos reached $2.65 billion in February 2024, the Bangko Sentral ng Pilipinas (BSP) said yesterday.
This is higher by 3 percent from the $2.57 billion posted in February 2023, the BSP noted.
The central bank said the uptick is because of growth in receipts from both land- and sea-based workers.
Most of the cash remittances came from the United States, Saudi Arabia, Singapore, and the United Arab Emirates.
The US had the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan.
Overall, personal remittances from overseas Pinoys climbed to $2.95 billion in February – 3 percent higher than the $2.86 billion recorded in the same month last year.
The BSP said this is due to remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.
Remittances to the Philippines help boost private consumption, which is one of the strongest drivers of the economy.
In the fourth quarter of 2023, household final consumption grew year-on-year by 5.3 percent. (ABS-CBN News)
