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Remittances from overseas Filipinos posted a slight rebound in May following the 11-month low recorded in the previous month, data released by the Bangko Sentral ng Pilipinas on Monday showed.Cash remittances or money transfers through banks or formal channels stood at $2.583 billion in May, up from $2.562 billion in April, and 3.6% higher than the $2.494 billion the same month in 2023.Inflows from land-based workers stood at $2.06 billion, while the remaining $0.
8%, Qatar with 2.8%, and Taiwan with 2.7%.Personal remittances—the sum of transfers sent in cash or in-kind via informal channels—came in at $2.884 billion, reflecting growth from $2.859 billion in April and 3.7% higher than the $2.782 billion in May 2023.“The increase in personal remittances in May 2024 was due to remittances from 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.
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