CASH remittances from overseas Filipinos coursed through banks reached $2.58 billion in May 2024, 3.6 percent higher than the $2.49 billion reported in May 2023.
The Bangko Sentral ng Pilipinas (BSP) said this is because of more receipts from land and sea-based workers.
The BSP said cash remittances from January to May hit $13.37 billion, up 3 percent from the $12.98 billion seen in the same period last year.
Most of the growth in cash remittances came from the United States, Saudi Arabia, and Singapore. The US posted the highest share of overall remittances during the period followed by Singapore and Saudi Arabia.
Total personal remittances grew 3.7 percent to $2.88 billion in May, which brought the total for the first 5 months to $14.89 billion, higher by 3 percent.
Remittances are seen to boost household consumption in the Philippines, which is one of the main drivers of the economy. In the first quarter of 2024, household consumption grew by 4.6 percent. (ABS-CBN News)
