PH sees a 3.5% rise in remittances
MANILA, PHILIPPINES – By the close of October, the Bangko Sentral ng Pilipinas (BSP) reported that it had seen a 3.5% increase in remittances.
According to BSP, personal remittances, which include employees’ net compensation, personal transfers, and capital transfers between households reached $3.23 billion in October this year, 3.5% higher compared to $3.12 billion during the same period in 2021.
BSP noted that this figure is the highest since the $3.24 billion booked in July, but the growth rate was the slowest since the 2.3% increase also recorded last July.
The increase was buoyed by the 3.6% rise in remittances sent by land-based workers with work contracts of one year or more to $2.53 billion from $2.44 billion, as well as the 3.7% growth in remittances from the sea- and land-based workers with work contracts of less than one year to $640 million from $620 million.
From January to October, personal remittances went up by 3.1% to $29.72 billion from $28.81 billion in the same period last year.
