Philippine remittances up 3.5% in Oct

Personal remittances from overseas Filipinos reached $3.23 billion in October, an increase of 3.5 per cent year-on-year, the central bank said on Thursday.

The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances in the first 10 months of 2022 grew by 3.1 per cent to $29.72 billion.

The BSP said the US, Saudi Arabia, Singapore, and Qatar contributed mainly to the remittance 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 per cent, reaching $34.88 billion, or 8.9 per cent of the country’s gross domestic product.

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