Remittances from Filipinos overseas up 3.5% to $2.91B in Oct

Philippines-bound cash transfers sent through banks in October grew by 3.5 percent to $2.91 billion from $2.81 billion in the same month last year, according to the Bangko Sentral ng Pilipinas.

January-October cash remittances mainly from overseas Filipino workers grew by 3.1 percent to $26.74 billion from $25.93 billion.

The BSP said the increase was driven by stronger inflows from banks that are based in the United States, Saudi Arabia, Singapore, and Qatar.

US-banks had the highest share of overall remittances in the first 10 months of 2022, followed by Singapore and Saudi Arabia.