MANILA: Personal remittances from overseas Filipinos reached US$2.95 billion in February, recording a 3 per cent year-on-year growth, the Philippine central bank said on Monday (April 15).
The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances grew by 2.8 per cent to $6.10 billion in the first two months, with the United States, Singapore, Saudi Arabia, and Japan as major country sources.
Personal remittances remain a significant source of foreign exchange inflows into the Philippines. According to the Asian Development Bank, the Philippines is among the top 10 global recipients of remittances. There are an estimated 10 million Filipinos overseas.
The BSP data showed that personal remittances from overseas Filipinos reached an all-time high of $37.2 billion in 2023, 3 per cent higher than the amount recorded in 2022. The full-year 2023 remittances represented 8.5 per cent of the country's gross domestic product. - Xinhua
