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Benise Balaoing

ABS-CBN News

<p>MANILA -- <span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Cash remittances from overseas Filipinos reached $2.65 billion in February 2024, the Bangko Sentral ng Pilipinas (BSP) said Monday.</span></p><p>This is higher by 3 percent from the $2.57 billion posted in February 2023, the BSP noted. </p><p>The BSP said the uptick is because of growth in receipts from both land- and sea-based workers.</p><p>The central bank said most of the cash remittances came from the United States, Saudi Arabia, Singapore, and the United Arab Emirates.</p><div><span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">The US had the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan. </span></div><div><span id="isPasted"><a href="https://news.abs-cbn.com/business/2024/3/15/overseas-cash-remittances-reach-3-15-billion-in-january-2046" rel="noopener noreferrer" target="_blank">Overseas cash remittances reach $3.15 billion in January</a></span></div><p>Overall, personal remittances from overseas Pinoys climbed to $2.95 billion in February, a 3 percent increase from the $2.86 billion recorded in the same month last year. </p><p>The BSP said this is due to remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.</p><p>Remittances to the Philippines help boost private consumption, which is one of the strongest drivers of the economy.</p><p>In the fourth quarter of 2023, <span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">household final consumption <a href="https://news.abs-cbn.com/business/2024/1/31/philippine-economy-grows-5-6-pct-in-2023-below-gov-t-target-1026">grew</a> year-on-year by 5.3 percent.</span></p><div><span id="isPasted"><strong>RELATED STORY:</strong> </span></div><div><span id="isPasted"><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/YnD7QoML_kE?autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></span><br/></div>

<p>Cash remittances from overseas Filipinos reached $2.65 billion in February, higher by 3 percent from last year's numbers. </p>

Cash remittances from overseas Filipinos reached $2.65 billion in February, higher by 3 percent from last year's numbers.

Cash remittances climb to $2.65 billion in February

Cash remittances climb to $2.65 billion in February | ABS-CBN

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Cash remittances climb to $2.65 billion in February

Cash remittances climb to $2.65 billion in February

Benise Balaoing,

ABS-CBN News

Published Apr 15, 2024 03:01 PM PHT

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