Remittance inflows from overseas Filipinos continued to decline in February to mark the lowest level in nine months, albeit still higher than the same month last year, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed.
Remittance inflows from overseas Filipinos continued to decline in February to mark the lowest level in nine months, albeit still higher than the same month last year, data released by the Bangko Sentral ng Pilipinas on Monday showed.
This is, however, 2.4% higher than the $2.509 billion in February 2022 which the BSP attributed to higher receipts from land-based workers with work contracts of one year or more, and sea- and land-based workers with work contracts of less than a year. Likewise, personal remittances — the sum of transfers sent in cash or in-kind via informal channels — were recorded at $2.860 billion, down from $3.071 billion in January but 2.4% higher than the $2.793 billion in February 2022.
“The growth in cash remittances from the United States, Saudi Arabia, Singapore, and Qatar contributed mainly to the increase in remittances in January-February 2023,” the BSP said.
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