The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittance in the first 11 months of 2022 grew by 3.4 percent to 32.65 billion dollars.
According to the BSP, 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 remittance remains 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 gross domestic product.
Latest comments