The personal remittances of overseas Filipinos, an important source of liquidity helping drive consumption activities, grew 3 percent in February this year to USD2.95 billion.
This, the Bangko Sentral ng Pilipinas (BSP) said, compared with only USD2.86 billion in January that pushed the cumulative remittances 2.8 percent higher this year to USD6.1 billion from a year ago of only USD5.93 billion.
Of these remittances, the cash component sent through the various banks in February totaled USD2.65 billion or 3 percent higher than only USD2.57 billion a year earlier.
According to the BSP, the growth in cash remittance may be traced to growth in receipts by both land- and sea-based overseas Filipinos.
On a year-to-date basis, cash remittances rose by 2.8 percent to USD5.48 billion in January-February 2024 from USD5.33 billion registered in January-February 2023, the BSP said.
The main sources of foreign-currency cash remittances were the United States, Singapore and the United Arab Emirates.
