The Bangko Sentral ng Pilipinas (BSP) reported a rise in personal remittances from overseas Filipinos, reaching $2.95 billion in February 2024.
This marks a 3 percent increase from February 2023’s $2.86 billion. Cumulative remittances for January to February 2024 also saw a 2.8 percent rise to $6.10 billion compared to the same period last year.
Cash remittances, amounting to $2.65 billion in February, rose by 3 percent from February 2023.
The BSP attributed this growth to increased receipts from both land- and sea-based workers. Cash remittances represent money transferred through formal channels, such as banks.
Source: PhilNews24 | April 16, 2024
