Remittances from Filipinos abroad eased during the first month of 2024.
Remittances from Filipinos abroad eased during the first month of 2024, from a record-high seen in December 2023, as holiday season-related spending at the onset of new year waned.Data released by the Bangko Sentral ng Pilipinas showed that cash remittances or money coursed through banks or formal channels stood at $2.836 billion in January 2024, this is lower than the record-high $3.28 billion cash remittances posted in December 2023.In an emailed commentary, Rizal Commercial Banking Corp.
”The United States was the largest source of remittances during the period, accounting for 41.8% of the total.The US was followed by Singapore and Saudi Arabia, which accounted for 7.3% and 6% of remittances, respectively.
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