Cash remittances up 3.8 percent to $2.84 billion in September

ABS-CBN News

Posted at Nov 15 2022 11:17 AM | Updated as of Nov 15 2022 11:07 PM

MANILA — Cash remittances coursed through banks grew 3.8 percent to $2.84 billion in September from $2.74 billion the same month last year, data from the Bangko Sentral ng Pilipinas released Tuesday showed.

Cumulatively, cash remittances reached $23.83 billion from January to September, higher by 3.1 percent from $23.12 billion in the same period last year, the central bank said in a statement.

"The expansion in cash remittances in September 2022 was due to the growth in receipts from land-based and sea-based workers," the BSP said. 

Growth in cash remittances from the United States, Saudi Arabia, Singapore and Qatar contributed largely to the increase in remittances in the first 3 quarters of 2022, the central bank added.

In terms of sources, the US posted the highest share of overall remittances in the first 9 months of 2022, followed by Singapore and Saudi Arabia, data showed. 

Personal remittances, meanwhile, grew 4 percent in September to $3.15 billion, the BSP said. 

Total personal remittances for the first 3 quarters of the year rose 3.1 percent, hitting $26.49 billion, it added.

Analysts are expecting the seasonal increase in remittances during the Christmas season to support the Philippine peso, which depreciated to as low as P59 in recent months before strengthening back to above P57 level to $1. 

The increased remittances may also fuel household spending and consumption in the last quarter as inflation quickens.

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