MANILA — The central bank yesterday said that the country’s remittances increased to $2.099 billion in May.
The figure shows a 5.8% increase from the $1.984 billion registered in the same month last year.
“Remittances remained resilient on the back of sustained demand for Filipino manpower overseas,” the BSP said.
“In addition, the continued efforts of bank and non-bank remittance service providers to expand their international and domestic market coverage, and the introduction of innovations in financial products and services in the remittance market continued to support stronger remittance flows.”
The figure recorded in May brought the year-to-date tally to $9.906 billion, 5.4% higher than a year earlier.
Among the major sources of cash remittances were the United States, Saudi Arabia, the United Arab Emirates (UAE), the United Kingdom, Singapore, Japan, Canada, and Hong Kong.
The central bank expects a 5% increase to to $25.6 billion this year from the $24.348 billion logged in 2014.