Cash remittances sent home by overseas Filipino workers (OFWs) climbed up to 3.5 percent to $3.07 billion in January from $2.76 billion in the same month a year earlier, according to the Bangko Sentral ng Pilipinas (BSP).
According to the BSP, the growth in cash remittances from the United States (U.S.), Saudi Arabia, Japan and Singapore contributed largely to the increase in remittances at the start of the year.
U.S. emerged as the major source of remittances with a share of 41.9 percent followed by Singapore’s 7.2 percent, Japan’s 5.9 percent, Saudi Arabia’s 5.9 percent, United Kingdom’s 4.8 percent, United Arab Emirates’ 3.2 percent, Canada’s 3.2 percent, Taiwan’s 2.7 percent, Qatar’s 2.7 percent and Malaysia’s 2.5 percent.
The expansion in cash remittances in January was due to the growth in receipts from land and sea-based workers.
For 2023, the BSP forecasts both personal and cash remittances rising by four percent.