MANILA — Cash remittances coursed through banks reached $2.49 billion in May 2023, higher by 2.8 percent compared to the same period last year, central bank data released on Monday showed.

"The expansion in cash remittances in May 2023 was due to the growth in receipts from land- and sea-based workers," the Bangko Sentral ng Pilipinas said in a statement.

For the first 5 months of the year, cash remittances hit $12.98 billion, or 3.1 percent higher than the $12.59 billion last year, data showed.

The BSP said growth in cash remittances from the US, Singapore and Saudi Arabia contributed to the increase for the period.

Personal remittances reached $2.78 billion in May, up 2.9 percent, the BSP said. For the January to May period, personal remittances grew 3.1 percent to $14.46 billion, it added.

In terms of country sources, the US posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia and Japan, the BSP said.

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