Philippines May cash remittances up 2.8% y/y at $2.49 billion

July 17, 2023 - 1:01 PM
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Customers receive money from families working abroad at a money remittance center in Makati City, Metro Manila, Philippines, September 19, 2018. (Reuters/Eloisa Lopez/File Photo)

 Cash remittances sent home by overseas Filipinos in May rose 2.8% from a year earlier to $2.49 billion, the Philippine central bank said on Monday.

Cash remittances sent through banks in the January to May period were $12.98 billion, up by 3.1% from the year-ago level, it said in a statement.

—Reporting by Neil Jerome Morales; Editing by Martin Petty