Remittance data give PSEi boost

MANILA  -The Philippine Stock Exchange index (PSEi) pushed above the 6,500 level on Monday as investors weighed data showing overseas Filipino remittances growing by 2.4 percent last February.

By the closing bell, the PSEi added 0.37 percent, or 23.71 points, to 6,505.62 while the broader All Shares index rose 0.25 percent, or 8.77 points, to 3,489.54.

Bangko Sentral ng Pilipinas data showed cash remittances rising to $2.57 billion last February versus $2.51 billion in the same period last year.

The figure, however, was down from $2.76 billion in January 2023, bringing inflows to their lowest level in nine months. INQ