CASH remittances from overseas Filipinos reached $3.01 billion in September this year, higher by 3.3 percent than the $2.91 billion posted in the same month in 2023, the Bangko Sentral ng Pilipinas (BSP) said Friday, November 15.
This means total cash remittances received in the first nine months of the year reached $25.23 billion, higher than the $24.49 billion recorded in the first 9 months of 2023.
Cash remittances grew because of more receipts from land and sea-based workers, the BSP said.
Personal remittances from Filipinos abroad, meanwhile, also grew by 3.3 percent to $3.34 billion in September, from $3.23 billion the year before.
The Philippines is one of the biggest recipients of remittances, which power consumption and drive economic growth.
According to the Philippine Statistics Authority, as of September 2023, an estimated 2.16 million Filipinos were working abroad, an increase of 9.8 percent from the previous year’s estimated number of 1.96 million. (ABS-CBN News)
