Cash remittances up 3.9 percent to $2.4 billion in April: BSP


Posted at Jun 15 2022 05:12 PM

MANILA - Cash remittances from overseas Filipinos coursed through banks reached $2.395 billion in April, the Bangko Sentral ng Pilipinas said Wednesday.

The total is 3.9 percent higher compared to the $2.305 billion posted in the same month the previous year, the BSP said in a statement.

"The expansion in cash remittances was due to the growth in receipts from land-based and sea-based workers," it said.

For the first 4 months, cash remittances grew 2.7 percent to $10.167 billion, the central bank said.

Growth in cash remittances from the United States, Saudi Arabia, Japan, Taiwan and Singapore largely contributed to the total increase in April, the BSP said.

Personal remittances, meanwhile, grew 3.8 percent to $2.671 billion from $2.574 in the same month last year, data showed, which brought the cumulative personal remittances up 2.6 percent in the first 4 months to $11.317 billion.

The US registered the highest share of overall remittances at 41.2 percent in the first 4 months, followed by Singapore, Saudi Arabia, Japan, UK, UAE, Canada, Qatar, South Korea and Taiwan, the BSP said.


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