MANILA, April 15 (Xinhua) — Personal remittances from overseas Filipinos reached 2.95 billion U.S. dollars in February, recording a 3 percent year-on-year growth, the Philippine central bank said on Monday.
The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances grew by 2.8 percent to 6.10 billion dollars in the first two months, with the United States, Singapore, Saudi Arabia, and Japan as major country sources.
Personal remittances remain a significant source of foreign exchange inflows into the Philippines. According to the Asian Development Bank, the Philippines is among the top 10 global recipients of remittances. There are an estimated 10 million Filipinos overseas.
The BSP data showed that personal remittances from overseas Filipinos reached an all-time high of 37.2 billion dollars in 2023, 3 percent higher than the amount recorded in 2022. The full-year 2023 remittances represented 8.5 percent of the country’s gross domestic product.
