The Bangko Sentral ng Pilipinas said that remittances from overseas Filipino workers or OFWs increase for the month of September.
The BSP said that grew to a two-month high in September was due to growth in remittances from both sea-based and land-based overseas workers.
“Cash remittances or money transfers which coursed through banks or formal channels amounted to $2.84 billion, up 3.8% from $2.74 billion in September 2021,” the BSP said.
This is the highest cash remittance since July which stood at $2.917.
Economists say that the higher remittances could be a result of the rising inflation or the increase in prices of basic goods and services.
Other factors include the spending due to the face-to-face classes, tourism, shopping and leisure activities.
“The expansion in cash remittances in September 2022 was due to the growth in receipts from land-based and sea-based workers,” the BSP said.
“The growth in cash remittances from the United States (US), Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances in the first three quarters of 2022,” the BSP added.
