Remittances sent by overseas Filipino workers increased by 3.7 percent to $2.88 billion in May from $2.78 billion in the same month last year, according to the Bangko Sentral ng Pilipinas.
BSP data showed that the sum of net compensation of employees, personal transfers and capital transfers between households in May was the highest level in two months or since the $3.05 billion in March.MANILA, Philippines — Remittances sent by overseas Filipino workers increased by 3.7 percent to $2.88 billion in May from $2.78 billion in the same month last year, according to the Bangko Sentral ng Pilipinas.
The BSP attributed the increase to higher remittances sent by land-based workers with work contracts of one year or more, rising by 3.6 percent to $2.23 billion in May. Of the total, cash remittances coursed through banks went up by 3.6 percent to $2.58 billion in May from $2.49 billion in the same month last year. It was also the highest level since the $2.74 billion recorded in March.
“The growth in cash remittances from the US, Saudi Arabia and Singapore contributed mainly to the increase in remittances in January to May 2024,” the central bank said. “Economic growth in key remittance source countries like the US, Saudi Arabia and Singapore might be putting more money in the pockets of OFWs,” he said.“Finally, favorable exchange rates incentivized sending more money back as it translates to a bigger bump in Philippine pesos received,” he said.
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