Philippines cash remittances up 2.7% to US$2.84bil in January

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Philippines cash remittances up 2.7% to US$2.84bil in January
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MANILA : Cash remittances rose 2.7% to US$2.84 billion in January from a year ago, the Philippine central bank has announced.

Cash remittances sent home by Filipinos living and working abroad reached a record US$33.5 billion last year, up 2.9% from 2022. The Bangko Sentral ng Pilipinas added that cash remittances from the United States, Saudi Arabia, the United Arab Emirates, and Singapore contributed mainly to the increase in January, reportedPersonal remittances remain a significant source of foreign exchange inflows into the Philippines. According to the Asian Development Bank, the Philippines is among the top 10 global recipients of remittances.

The BSP data showed that personal remittances from overseas Filipinos reached an all-time high of US$37.2 billion in 2023, three per cent higher than the amount recorded in 2022. The full-year 2023 remittances represented 8.5 per cent and 7.7 per cent of the country's gross domestic product and gross national income, respectively.

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