Personal remittances from overseas Filipinos reached 3.15 billion U.S. dollars in January, recording a year-on-year 2.7 percent increase, the Philippine central bank has said.
The Bangko Sentral ng Pilipinas (BSP) said on Friday night that cash remittances from the United States, Saudi Arabia, the United Arab Emirates, and Singapore contributed mainly to the increase in January.
Personal remittances remain a significant source of foreign exchange inflows into the Philippines. According to the Asian Development Bank, the Philippines is among the top 10 global recipients of remittances.—APP
