MANILA -- Cash remittances from overseas Filipinos reached $2.8 billion in August 2023, 2.7 percent higher than the $2.72 billion posted in the same month last year.

The increase in cash remittances was due to growth in receipts from land- and sea-based workers, the Bangko Sentral ng Pilipinas (BSP) said in a statement.

For the first 8 months of the year, cash remittances reached $21.58 billion, up 2.8 percent, BSP data showed.

Growth in cash remittances from the US, Saudi Arabia and Singapore, contributed to the increase in the first 8 months of the year, the central bank said.

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

Personal remittances, meanwhile, reached $3.1 billion in August 2023, up 2.8 percent from the $3.02 billion registered in August 2022.

In the first eight months of 2023, personal remittances grew by 2.9 percent to $24.01 billion, up from $23.34 billion in the same period last year.

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