Sat, 25 Mar 2023

Philippine remittances up over 3 pct in January

15 Mar 2023, 19:18 GMT+10

MANILA, March 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.07 billion U.S. dollars in January, an increase of over 3 percent from 2.97 billion dollars a year earlier, the central bank said on Wednesday.

The Bangko Sentral ng Pilipinas attributed the increase in remittances in January to higher remittances sent by land-based and sea-based Filipino workers.

It added that the growth in cash remittances from the United States, Saudi Arabia, Japan, and Singapore contributed largely to the increase in January.

Personal remittances remain a significant source of the Southeast Asian country's foreign exchange inflows. Filipinos overseas send an annual remittance equivalent to about 10 percent of the Philippines' gross domestic product.

Personal remittances from overseas Filipinos reached an all-time high of 36.14 billion dollars in 2022, higher than 34.88 billion dollars in 2021.

Remittances reached 33.19 billion dollars in 2020 and 33.46 billion dollars in 2019.

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