CASH remittances from overseas Filipinos hit $2.747 billion in October, up 2.9 percent compared to the same month last year, the Bangko Sentral ng Pilipinas said.
This pushed the total cash remittances from January to October to $24.633 billion, representing a slight decrease of 0.9 percent from the $24.858 billion registered in the comparative period last year, the BSP said.
The central bank said the increase was due to the growth in remittances from both land-based and sea-based workers.
“By country source, cash remittances from Saudi Arabia, Japan, the United Kingdom (UK), the United Arab Emirates (UAE), Germany, and Kuwait declined, while those from the United States (US), Singapore, Qatar, Oman, Hong Kong and Taiwan increased,” the BSP said.
The US posted the highest share of the total remittances at 40.2 percent, followed by Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Hong Kong, Qatar, and Taiwan, the central bank added. (ABS-CBN News)