MANILA, July 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 2.97 billion U.S. dollars in May, an increase of 3 percent over the same period last year, the central bank said Tuesday.
From January to May, cumulative personal remittances rose 3 percent to 15.34 billion dollars.
The United States remained the top source of remittances to the Philippines during January-May, followed by Singapore and Saudi Arabia.
With an estimated 10 million Filipinos living or working overseas, personal remittances remain vital to the country's foreign exchange source.
According to the Asian Development Bank, the Philippines is among top 10 global recipients of remittances. ■
