Wed, 05 Oct 2022

Philippine remittances up by 4.4 pct in June

15 Aug 2022, 20:18 GMT+10

MANILA, Aug. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.1 billion U.S. dollars in June, or 4.4 percent year-on-year growth, the Philippine central bank said on Monday.

The Bangko Sentral ng Pilipinas (BSP) said the June remittances increased the cumulative personal remittances by 2.8 percent to 17.1 billion dollars in the first half of this year.

The BSP said the United States, Saudi Arabia, Japan, Qatar, and Singapore contributed mainly to the remittance increase in this period.

Filipinos have worked and settled across international borders over the past decades and personal remittances remain a major source of the Southeast Asian country's foreign exchange inflows.

In 2021, remittances from overseas Filipino workers rose by 5.1 percent, reaching 34.88 billion dollars, or 8.9 percent of gross domestic product.

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