MANILA (XINHUA) – Personal remittances from overseas Filipinos reached USD3.43 billion in July, an increase of 3.2 per cent over the same period last year, the central bank said yesterday.
The Bangko Sentral ng Pilipinas (BSP) said cumulative remittances grew three per cent to USD21.53 billion in the January-July period.
The BSP said growth in cash remittances from the United States, Saudi Arabia and the United Arab Emirates contributed mainly to the increase in the first seven months.
Personal remittances remain a vital source of foreign exchange inflow into the Southeast Asian country.
According to the Asian Development Bank, the Philippines is among the top 10 global recipients of remittances. There are about 10 million Filipinos living or working overseas.
The BSP data showed that personal remittances from overseas Filipinos reached an all-time high of USD37.2 billion in 2023, representing 8.5 per cent of the country’s gross domestic product.
