PERSONAL remittances from overseas Filipino workers (OFW) hit $2.88 billion in May, the Bangko Sentral ng Pilipinas (BSP) reported on Monday, 3.7 percent higher compared to the year-earlier $2.78 billion.
PERSONAL remittances from overseas Filipino workers hit $2.88 billion in May , the Bangko Sentral ng Pilipinas reported on Monday, 3.7 percent higher compared to the year-earlier $2.78 billion.The amount was also slightly higher, by 0.8 percent, than the $2.86 billion posted a month earlier, preliminary central bank data showed.
89 billion from $14.46 billion a year earlier, while cash remittances also rose 3.0 percent to $13.36 billion from $12.98 billion in the January to May 2023 period.Cash remittance growth for the five-month period was mainly due to flows from the United States, Saudi Arabia and Singapore, the BSP said.By country source, the US again accounted for the biggest share , followed by Singapore , Saudi Arabia , Japan , and the United Kingdom .
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