Remittances from overseas Filipinos rebounded in April after the decline recorded in February, data released by the Bangko Sentral ng Pilipinas on Monday revealed.
Central bank data showed that cash remittances — money transfers coursed through banks — jumped by 3.2% to $2.594 billion from $2.514 billion the same month last year.
“The expansion in cash remittances was due to the growth in receipts from land-based and sea-based workers,” the BSP said in an emailed statement. “The growth in cash remittances from the United States, Japan, Singapore, Taiwan, and Saudi Arabia contributed largely to the increase in remittances in the first quarter of 2022,” the central bank said.
Combined remittances from the top 10 countries accounted for 79.1% of total cash remittances for the month.
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