, Philippines

Overseas Filipinos’ remittances up 3% to $2.95b in Feb

A total of $2.65b in remittances coursed through banks, the central bank said.
 
Personal remittances from Overseas Filipinos (OFs) grew by 3% to $2.95b in February, according to central bank data.

Cumulative personal remittances also rose by 2.8% to $6.1b in January-February 2024, from $5.93b in the same period in 2023.

Cash remittances that flowed through banks equaled $2.65b in February, a 3% rise from the same month in 2023. This was due to growth in receipts from both land and sea-based workers, according to data from the Bangko Sentral ng Pilipinas.

ALSO READ: APAC payments gateway market to rise 30% as cashless economy expands

Cash remittances from the United States, Saudia Arabia, Singapore, and the United Arab Emirates (UAE) contributed to the higher remittances in January-February 2024.

In terms of country source, the U.S. had the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!