Philippine remittances grow by 2.9pc

MANILA, July 17 (Xinhua): Personal remittances from overseas Filipinos reached 2.78 billion US dollars in May, up 2.9 per cent year-on-year, the Philippine central bank said on Monday.

The Bangko Sentral ng Pilipinas (BSP) said the remittances in the first five months totaled 14.46 billion US dollars, 3.1 per cent higher from the same period in 2022. The United States, Singapore and Saudi Arabia were among the top countries that contributed to the increase in remittances.

Filipinos have worked and settled across international borders over the past decades.