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Filipinos working overseas sent more money back home in March 2024, fueling household spending and supporting the growth of various industries, data from the Bangko Sentral ng Pilipinas show.
“The expansion in cash remittances in March 2024 was due to growth in receipts from both land- and sea-based workers,” the BSP said. Remittances from the United States, Saudi Arabia, the United Arab Emirates and Singapore contributed mainly to the first-quarter increase. Meanwhile, personal remittances which include items not coursed through banks reached $3.05 billion in March, higher than $2.97 billion recorded in the month last year, according to the BSP.
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