MANILA - Cash remittances from overseas Filipinos reached $2.3 billion in February, up 1.5 percent compared to the same month in 2018, the central bank said Monday.
This brought total remittances for the first 2 months of the year to $4.78 billion, the Bangko Sentral ng Pilipinas (BSP) said.
The remittance growth in February was the slowest since the 0.9 percent contraction in August last year.
Meanwhile, personal remittances, which include non-cash items, amounted to $2.56 billion in February, higher by 1.2 percent from February 2018.
"By country source, the United States registered the highest share of overall remittances for the period at 35.5 percent. It was followed by Saudi Arabia, Singapore, United Kingdom, United Arab Emirates, Japan, Canada, Qatar, Hong Kong, and Germany," the BSP said.
The combined remittances from these countries accounted for 77.3 percent of total cash remittances for January to February 2019, the central bank added.
Remittances power domestic consumption, which is an engine of economic growth in the Philippines.