CASH remittances from overseas Filipinos that are coursed through banks reached $2.48 billion in April, up 3.7 percent compared to the same period last year, the Bangko Sentral ng Pilipinas said yesterday.
“The expansion in cash remittances in April 2023 was due to the growth in receipts from land- and sea-based workers,” the central bank said.
Cash remittances from January to April hit $10.49 billion, growing 3.2 percent compared to the same period in 2022, data showed.
“The growth in cash remittances from the United States (U.S.), Singapore, and Saudi Arabia contributed mainly to the increase in remittances in the first four months of 2023,” the BSP said.
The US posted the highest share of overall remittances during the period followed by Singapore, Saudi Arabia and Japan, the central bank added.
Total personal remittances grew 3.8 percent to $2.8 billion in April, which brought the total for the first four months to $11.7 billion, also higher by 3.2 percent, the BSP said. (ABS-CBN News)
