The BSP said Monday cash remittances rose 2.8 percent in May to $2.49 billion from $2.43 billion in the same month last year, driven by the growth in receipts from land- and sea-based workers. READ MORE:
The BSP said Monday cash remittances rose 2.8 percent in May to $2.49 billion from $2.43 billion in the same month last year, driven by the growth in receipts from land- and sea-based workers.
“The growth in cash remittances from the United States, Singapore, and Saudi Arabia contributed mainly to the increase in remittances in the first five months of 2023,” the BSP said in a statement. “The increase in personal remittances in May 2023 was due to higher remittances sent by 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,” the BSP said.
Studies showed that remittances to the Philippines were the fourth largest in the world after those going to India, China and Mexico.
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