MANILA - Cash remittances from overseas Filipinos rose 4.9 percent to $2.514 billion in March, from $2.397 billion in the same month last year, the Bangko Sentral ng Pilipinas said on Monday.
For the first three months of 2021, cash remittances amounted to $7.593 billion, an increase of 2.6 percent compared to the $7.403 billion in the same period last year, the BSP said.
Personal remittances meanwhile also rose 5.6 percent to $2.801 billion in March.
"This is the second consecutive month that remittances were higher than last year’s levels, reflecting mainly the easing of travel restrictions, re-opening of borders to foreign workers, and progress in COVID-19 vaccine roll out in many advanced countries," the BSP said.
The growth in cash remittances for January–March 2021 came largely from the United States, Malaysia, and Singapore.
The US had the highest share of remittances at 40.8 percent for the first three months, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Qatar, Taiwan, and Malaysia.
The combined remittances from these 10 countries accounted for 78.2 percent of total cash remittances, the central bank said.
The Philippines is one of the world's top recipients of remittances which power domestic consumption and drive the economy.