Personal remittances sent to the Philippines by Filipinos abroad increased by 2.4 percent to $2.86 billion in February from $2.79 billion in the same month last year, the lowest amount in nine months or since the $2.7 billion in May 2022. /PDI
Of the amount received in February, 90 percent represented cash that overseas OFWs sent through banks.
This was pegged at $2.57 billion, an increase of 2.4 percent from $2.51 billion in the same month last year.The BSP said banks that were registered in the United States posted the highest share of Philippines-bound remittances, followed by those in Saudi Arabia. Singapore and Qatar. Results for February brought the two-month inflows to $5.93 billion, which was higher by 3 percent than the $5.76 billion in the comparable period in 2022.Cash remittances alone also grew by 3 percent to $5.33 billion in January-February from $5.18 billion in the same period a year ago.
Ricafort said that for the coming months, modest growth in OFW remittances could continue as OFWs’ dependents still need to cope with relatively higher inflation locally that would require the sending of more remittances, as well as some normalization of spending by households for both essentials and nonessentials as the economy reopened toward greater normalcy.
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