Personal remittances from overseas Filipinos increased by 2.9 percent in January this year, data from the Bangko Sentral ng Pilipinas (BSP) released on Monday showed.
Preliminary data showed that personal remittances went up to USD3.24 billion in January this year from USD3.15 billion in the same month in 2024.
The increase was observed in remittances from both land-based and sea-based workers.
Personal remittances cover cash sent through banks and informal channels, as well as remittances in kind.
Of the total personal remittances during the month, the BSP said cash remittances coursed through banks reached USD2.92 billion, higher by 2.9 percent than the USD2.84 billion posted in January 2024.
“The growth in cash remittances from Saudi Arabia, United States, Singapore, and the United Arab Emirates mainly contributed to the increase in remittances in January 2025,” said the BSP. These countries have notable increases in their remittances.
The United States remained the biggest source of cash remittances in January, followed by Singapore, Saudi Arabia, and Japan. (Anna Leah Gonzales, PNA)
