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Overseas Filipinos have sent back home nearly $3 billion in cash remittances in August to support school-related and other expenses of their families in the Philippines, data released by the Bangko Sentral ng Pilipinas on Tuesday showed.Cash remittances or money transfers, which coursed through banks or formal channels, stood at $2.885 billion in August, up 32% from $2.796 billion in the month last year.
The BSP said the growth in cash remittances from the United States , Saudi Arabia, United Arab Emirates , and Singapore contributed mainly to the increase in remittances in January to August 2024."In terms of country sources, the US also posted the largest share of overall cash remittances in January-August 2024, followed by Singapore and Saudi Arabia," the central bank said.
Bangko Sentral Ng Pilipinas BSP
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