MANILA - Cash remittances from overseas Filipinos reached $2.64 billion in November 2022, higher by 5.7 percent than the$2.50 billion registered in the same month in 2021, the Bangko Sentral ng Pilipinas said on Monday.
The BSP said expansion in cash remittances coursed through banks in was due to the growth in receipts from land- and sea-based workers.
From January to November, cash remittances$29.38 billion, 3.3 percent higher than the $28.43 billion booked in the same period in 2021.
“The growth in cash remittances from the United States (US), Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances in January-November 2022. Meanwhile, in terms of country sources, the US posted the highest share of overall remittances in the first eleven months of 2022, followed by Singapore and Saudi Arabia,” the BSP said.
Meanwhile, personal remittances grew by 5.8 percent to$2.93 billion in November 2022 from $2.77 billion recorded in the same month in 2021.
Personal remittances increased to$32.65 billion, or by 3.4 percent, in the first eleven months of 2022, from$31.59 billion in the comparable period in 2021.
The Philippines is one of the biggest recipients of remittances, which power consumption and is one of the biggest drivers of the economy.
The surge in remittances leading to the Christmas holidays is also credited for strengthening the peso, which had been weakening since