The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances in the first 10 months of 2022 grew by 3.1 percent to 29.72 billion U.S. dollars.
The BSP said the United States, Saudi Arabia, Singapore, and Qatar contributed mainly to the remittance increase in this period.
Filipinos have worked and settled across international borders over the past decades and personal remittances remain a major source of the Southeast Asian country's foreign exchange inflows.
In 2021, remittances from overseas Filipino workers rose by 5.1 percent, reaching 34.88 billion dollars, or 8.9 percent of the country's gross domestic product.
Latest comments