The Central Bank of the Philippines said that personal remittances from overseas Filipinos reached US$3.15 billion in January. 2024 increased by 2.7% year on year.
The Philippines’ central bank said on Friday that the majority of cash returns in January came from the United States, Saudi Arabia, the United Arab Emirates and Singapore.
Personal remittances remain an important source of foreign currency flows to the Philippines. According to the Asian Development Bank (ADB), the Philippines is one of the top 10 remittance-receiving countries in the world.
Data from the Philippine Central Bank indicates that remittances from Filipinos abroad reached a record high of $37.2 billion in 2023, up 3% from a record high in 2022 and accounting for 8.5% of the Islands’ gross domestic product (GDP). Philippines.
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