Overseas cash remittances hit $2.8 billion in March
File photo
MANILA, Philippines — Cash remittances sent home by Filipinos overseas posted a slower growth in March, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.
Cash remittances coursed through banks amounted to $2.8 billion, up by 2.6 percent year-on-year.
This was a slower growth than the 2.7 percent recorded in February.
READ: February remittances slumped to 9-month low
The March inflows brought cumulative remittances to $8.4 billion in the January to March period, marking a 2.7 percent increase from the level a year ago.
Growth in cash remittances from the United States, Singapore, Saudi Arabia and the United Arab Emirates was the main driver of the overall increase in remittances during the January to March period.
By country source, the U.S. accounted for the largest share of total cash remittances in the first quarter, followed by Singapore and Saudi Arabia.
READ: Remittances hit new record high of $34.49B in 2024, up 3%
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