Xinhua
16 May 2022, 21:44 GMT+10
MANILA, May 16 (Xinhua) -- Personal remittances from overseas Filipinos reached 2.88 billion U.S. dollars in March, 3.1 percent higher than the amount recorded in the same month last year, the Philippine central bank said on Monday.
The Bangko Sentral ng Pilipinas (BSP) said the March remittances expanded the cumulative personal remittances to 8.64 billion U.S. dollars in the first quarter this year, 2.3 percent higher than the same period in 2021.
In terms of country sources, the BSP said the United States registered the highest share of overall remittances in the first quarter at 41.5 percent, followed by Singapore, Saudi Arabia, Japan and Britain.
Filipinos have worked and settled across international borders over the last decades and personal remittances remain a major source of the Southeast Asian country's foreign exchange inflows. In 2021, the Asian Development Bank said remittances to the Philippines reached 9.4 percent of gross domestic product.
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