Remittance inflows from overseas Filipinos rebounded in March from the nine-month low recorded in the previous month, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed.
Cash remittances or money transfers coursed through banks or formal channels were recorded at $2.671 billion, higher than the $2.569 billion in February and the $2.594 billion the same month last year.
“The growth in cash remittances from the United States, Singapore, Saudi Arabia, and the United Arab Emirates contributed mainly to the increase in remittances in the first quarter of 2023,” the BSP said in an accompanying statement.
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