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Cash remittances hit $2.49 billion in May: BSP

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<p>MANILA — Cash remittances coursed through banks reached $2.49 billion in May 2023, higher by 2.8 percent compared to the same period last year, central bank data released on Monday showed. </p><p>&quot;The expansion in cash remittances in May 2023 was due to the growth in receipts from land- and sea-based workers,&quot; the Bangko Sentral ng Pilipinas said in a statement. </p><p>For the first 5 months of the year, cash remittances hit $12.98 billion, or 3.1 percent higher than the $12.59 billion last year, data showed.</p><p>The BSP said growth in cash remittances from the US, Singapore and Saudi Arabia contributed to the increase for the period.</p><p>Personal remittances reached $2.78 billion in May, up 2.9 percent, the BSP said. For the January to May period, personal remittances grew 3.1 percent to $14.46 billion, it added. </p><p>In terms of country sources, the US posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia and Japan, the BSP said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/11/22/peso-closes-at-p55979-to-a-dollar">Peso closes at P55.979 to $1; further weakening seen</a></li>	<li><a href="https://news.abs-cbn.com/business/02/15/23/cash-remittances-hit-3254-billion-in-2022-bsp">Cash remittances at $32.54 billion, personal remittances hit record $36.14B in 2022</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2116437" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Cash remittances reached $2.49 billion in May 2023, higher by 2.8 percent compared to the same period last year, central bank data released on Monday showed. 