Remittances from Filipinos abroad grew to a record-high in December last year on the back of increase in demand for foreign workers overseas due to reopening of economies, data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed.
Remittances from Filipinos abroad grew to a record-high in December last year, data released by the Bangko Sentral ng Pilipinas on Wednesday showed.
Overseas Filipinos’ personal remittances — the sum of transfers sent in cash or in-kind via informal channels — in the last month of 2022 stood at $3.49 billion, up 5.7% from $3.30 billion recorded in December 2021. The full-year 2022 personal remittances also reached an all-time high of $36.14 billion, according to the central bank.“The robust inward remittances reflected the increasing demand for foreign workers amid the reopening of economies,” the BSP said.
Meanwhile, cash remittances — money transfers coursed through banks — totaled $3.16 billion in December, up 5.8% from $2.99 billion recorded in the same period in 2021.
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