MANILA, March 17 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.24 billion U.S. dollars in January 2025, 2.9 percent higher than the 3.15 billion dollars recorded in January 2024, the Philippine central bank said Monday.
The Bangko Sentral ng Pilipinas (BSP) said the increase in remittances was observed from land- and sea-based workers.
The BSP said the rise in remittances in January was mainly due to the growth in cash remittances from Saudi Arabia, the United States, Singapore, and the United Arab Emirates.
With an estimated 10 million Filipinos living or working overseas, personal remittances remain vital to the Philippines' foreign exchange source.
According to the Asian Development Bank, the Philippines is among the top 10 global recipients of remittances.
BSP data showed that personal remittances from overseas Filipinos in 2024 reached a record high of 38.34 billion U.S. dollars. ■
