Overseas Filipino cash remittances rose by 3.2% in March 2022

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Overseas Filipino cash remittances rose by 3.2% in march 2022

#InTheKnow: According to the Bangko Sentral ng Pilipinas (BSP), cash remittances sent through banks stood at $2.59 billion in March 2022, up by 3.2% from $2.51 billion in the same month in 2021. The sustained growth was primarily because of the improved economic conditions in many host countries as pandemic restrictions eased.

For the first three months of the year, cash remittances rose by 2.4% to $7.77 billion, from $7.59 billion in the comparable period last year. This was mainly due to higher inflows from the United States, Japan, Singapore, Taiwan, and Saudi Arabia.

By country, the United States, Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and Malaysia accounted for 79.1% of total cash remittances in the first quarter.

Sources: Bangko Sentral ng Pilipinas, BusinessWorld Online