Philippine Remittances Up 2.7 Pct In January
Fahad Shabbir (@FahadShabbir) Published March 16, 2024 | 06:47 PM
Personal remittances from overseas Filipinos reached 3.15 billion U.S. dollars in January, recording a year-on-year 2.7 percent increase, the Philippine central bank has said
MANILA, (UrduPoint / Pakistan Point News - 16th Mar, 2024) Personal remittances from overseas Filipinos reached 3.15 billion U.S. dollars in January, recording a year-on-year 2.7 percent increase, the Philippine central bank has said.
The Bangko Sentral ng Pilipinas (BSP) said on Friday night that cash remittances from the United States, Saudi Arabia, the United Arab Emirates, and Singapore contributed mainly to the increase in January.
Personal remittances remain a significant source of foreign exchange inflows into the Philippines.
According to the Asian Development Bank, the Philippines is among the top 10 global recipients of remittances.
The BSP data showed that personal remittances from overseas Filipinos reached an all-time high of 37.2 billion U.S. dollars in 2023, 3 percent higher than the amount recorded in 2022. The full-year 2023 remittances represented 8.5 percent and 7.7 percent of the country's gross domestic product and gross national income, respectively.
Related Topics
Recent Stories
Reference against Pervaiz Ashraf adjourned till May 29
60 buses to be shifted on diesel under PPP-mode to provide travel facilities: Ma ..
NA passes tax laws amendment bill 2024
GCU to remain closed on May 1
Abbottabad Police conducts extensive operations against criminals, drug dealers
Kenya Airways suspends flights to Kinshasa over DR Congo detentions
Continuing tight monetary stance SBP maintains policy rate at 22%
DIG asks SSPs to ensure proper security for labour day activities
'I walked and walked': Ukrainian grandmother, 97, flees bombed village
DC Jhang takes action to support farmers
Punjab LG women officers visit Abbottabad
5 killed, 2 injured in different incidents
More Stories From Business
-
Continuing tight monetary stance SBP maintains policy rate at 22%
27 minutes ago -
BankIslami achieves remarkable financial results of Rs 6.3 Billion
29 minutes ago -
FM Dar meets Saudi Energy Minister
31 minutes ago -
Punjab to unveil comprehensive initiatives in upcoming budget: Minister
43 minutes ago -
Agri experts stress quality seed at farm level to overcome food insecurity
51 minutes ago -
US stocks rise on tech outlook as yen rebounds
50 minutes ago
-
PSMA refutes news about ban on sugar export
23 minutes ago -
SBP decides to keep policy rate unchanged at 22 per cent
2 hours ago -
Cheema for tapping Pakistan-Kazakhstan trade potential
2 hours ago -
Poland can help Pakistan combat climate change challenges: Ambassador
3 hours ago -
Pakistan's envoy to Iran visit FPCCI
4 hours ago -
PSX witnesses bearish trend, loses 1,047 points
2 hours ago