CASH remittances from overseas Filipinos rose by 3 percent to $3 billion in October 2023 from $2.91 billion in the same month last year, the Bangko Sentral ng Pilipinas (BSP) said on Friday, Dec. 15.
“The growth in cash remittances in October 2023 was primarily due to increased receipts from both land- and sea-based workers,” the BSP said.
From January this year, cash remittances increased to $27.49 billion for the first ten months of 2023, higher by 2.8 percent than the year-ago level of $26.74 billion.
Remittances from the US, Saudi Arabia, and Singapore contributed mainly to the increase in remittances in the first 10 months of 2023.
The US had the highest share of overall remittances during the period, followed by Singapore, and Saudi Arabia.
Personal remittances meanwhile increased by 3.1 percent to $3.33 billion in October 2023 from $3.23 billion in the same month last year.
Personal remittances rose 2.9 percent to $30.57 billion in the first 10 months of 2023 from $29.72 billion recorded in the comparable period in 2022.
The Philippines is one of the largest recipients of remittances which power consumption and drive economic growth. (ABS-CBN News)
