The Philippines has received a total of $5.93 billion in remittances from overseas Filipino workers in the first two months of the year.
This represents a three percent increase from the same period last year, although remittance growth in February was slower at 2.4 percent compared to January’s 3.5 percent growth.
The Bangko Sentral ng Pilipinas reported that both land-based workers with contracts of one year or more and sea-based workers and those with contracts of less than a year contributed to the increase in remittances.
Majority of the remittances were coursed through banks, totaling to $5.33 billion for the two-month period.
The United States was the largest source of remittances, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom.
Taiwan also made it to the top 10 source of remittances, accounting for 2.6% of the total amount.