Philippine remittances up by 4 pct in September-Xinhua

Philippine remittances up by 4 pct in September

Source: Xinhua| 2022-11-15 14:18:30|Editor: huaxia

MANILA, Nov. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.15 billion U.S. dollars in September, or 4 percent year-on-year growth, the Philippine central bank said on Tuesday.

The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances in the first three quarters of 2022 rose by 3.1 percent to 26.49 billion U.S. dollars.

The BSP said the United States, Saudi Arabia, Singapore and Qatar contributed mainly to the remittances 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 gross domestic product.

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