Personal Remittances Increases to USD2.86-B Year-on-Year in February 2023

Personal remittances by Filipinos in other countries increased by 2.4 percent to the tune of USD2.86 billion in February 2023, up from the USD2.79 billion sent to the country within the same period last year, according to a report by the Bangko Sentral ng Pilipinas (BSP).

The report added that the rise in personal remittance by Overseas Filipinos (OFs) was due to the increase in remittances that were sent by land and sea-based workers.

“The increase in personal remittances in February 2023 was due to higher remittances sent by 1) land-based workers with work contracts of one year or more and 2) sea- and land-based workers with work contracts of less than one year,” the report said.

The increase in remittances in February 2023 translates to a collective personal remittance to the country amounting to USD5.93 billion for January and February 2023, a 3.0 percent increase compared to the USD5.76 billion amount of remittances in the same time range last year.

Moreover, cash remittances that moved through banks of all the personal remittances also increased by 2.4 percent, or USD2.57 billion in February 2023, compared to the USD2.51 billion recorded in the same period last year.

Meanwhile, year-to-date cash remittances from January 2023 to February of the same year amounted to USD 5.33 billion, which is up by 3.0 percent compared to the cash remittance of USD 5.18 billion recorded within the same period last year.

The Philippines received more remittances from the following countries in the said time period:

Remittances from the United States (US), Saudi Arabia, Singapore, and Qatar were the top contributors to the increased remittances in the time period of January 2023 to February 2023.

The US also had the greatest share of overall remittances during the time period and is only trailed by Singapore, Saudi Arabia, and Japan, according to the BSP report. (GFB)