Remittance to PH from Jan to Oct Increases by 3.1%

Remittances to the Philippines from the start of the year to October surged by 3.1 percent, according to data from the Bangko Sentral ng Pilipinas (BSP).

This comes as Filipinos living and working abroad sent more money to the country in the first 10 months of the year, translating to USD29.72 billion in total remittances.

This is higher than the USD28.82 billion that was recorded in the same month of the previous year.

Moreover, BSP said that for October, remittances also grew by 3.5 percent compared to October 2021.

This translates to remittances for October 2022 amounting to a total of USD3.23 billion, up from USD3.12 billion from the same period in 2021.

BSP added that remittances from land-based and sea-based Filipinos increased together, with land-based remittances increasing by 3.6 percent, while sea-based Filipinos increased their remittances to the country by 3.7 percent.

Meanwhile, cash remittances to the country through banks also increased in October alone, as remittances rose by 3.5 percent, translating to USD2.91 billion in October 2022, compared to the USD2.81 billion remittances recorded in the same period of 2021.

Remittances from Qatar, Saudi Arabia, Singapore, and the United States topped the list of countries where Filipinos sent the most money back home. (GFB)