Overseas Filipinos’ personal remittances up to $2.9-B in February — BSP

The personal remittances, or transfers sent in cash or in-kind via informal channels, of Filipinos abroad increased to $2.95 billion in February 2024, the Bangko Sentral ng Pilipinas (BSP) announced Monday.

According to the BSP, the personal remittances from overseas Filipinos increased by 3 percent from the $2.86 billion recorded in February 2023.

Cumulative remittances also increased by 2.8 percent to $6.10 billion in January to February this year from the $5.93 billion recorded from January to February last year.

Meanwhile, of the personal remittances, the BSP said that cash remittances of overseas Filipinos reached $2.65 billion in February, higher by 3 percent than the $2.57 billion in February 2023.

Cash remittances are money coursed through banks or formal channels.

“The expansion in cash remittances in February 2024 was due to growth in receipts from both land- and sea-based workers,” the BSP said. — Joahna Lei Casilao/RSJ, GMA Integrated News