MANILA - Cash remittances from overseas Filipinos coursed through banks rose 3.5 percent to $2.76 billion in January 2023, data from the Bangko Sentral ng Pilipinas released Wednesday showed.
"The expansion in cash remittances in January 2023 was due to the growth in receipts from land- and sea- based workers," the central bank said in a statement.
Growth in cash remittances for the period was largely due to the increased contributions from the United States, Saudi Arabia, Japan and Singapore, the BSP said. The US posted the highest share of overal remittances for the month, it added.
Total personal remittances in January rose by 3.5 percent to $3.07 billion compared to the $2.97 billion in the same month last year, the central bank said.