By Katrina Gracia Consebido
Overseas Filipinos (OFs) sent over $3.7 billion in personal remittances in January 2023, up by 3.5%, the Bangko Sentral ng Pilipinas (BSP) said.
According to the BSP, land-based workers with over one-year contracts and sea-and-land based workers with shorter contracts contributed to the higher remittance.
Cash remittances routed through banks increased by 3.5% to $2.76 billion in January from $2.67 billion in the previous month
The cash remittances increased in January 2023 due to an increase in receipts from land- and sea-based workers.
The rise in cash remittances from the United States (US), Saudi Arabia, Japan, and Singapore contributed significantly to the January 2023 remittances rise.
The US, Singapore, Japan, and Saudi Arabia were the top country sources of remittances during the said month. -ag
