Cash remittances coursed through banks in the Philippines rose by 3% year-on-year to USD 2.67 billion in March 2023, up from USD 2.59 billion in the same period a year earlier, prompted by the increase in receipts from both land-based (3.3%) and sea-based workers (1.8%). Considering the first quarter of the year, cash remittances amounted to USD 8 billion, 3% higher compared to the corresponding period in 2022, mainly boosted by the growth in remittances from the US, Singapore, Saudi Arabia, and UAE. In terms of country sources, the US accounted for the highest share of overall remittances (41.4%), followed by Singapore (7.3%), Saudi Arabia (5.8%), and Japan (5.1%). source: Bangko Sentral ng Pilipinas

Remittances in Philippines averaged 1204317.73 USD Thousand from 1989 until 2023, reaching an all time high of 3159134.10 USD Thousand in December of 2022 and a record low of 64208.00 USD Thousand in February of 1989. This page provides - Philippines Remittances - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines Cash Remittances - values, historical data and charts - was last updated on June of 2023.

Remittances in Philippines is expected to be 2815000.00 USD Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Cash Remittances is projected to trend around 3248000.00 USD Thousand in 2024 and 3296000.00 USD Thousand in 2025, according to our econometric models.

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Philippines Cash Remittances

Related Last Previous Unit Reference
Current Account to GDP -4.40 -1.50 percent of GDP Dec 2022
Current Account -60.37 -3.38 USD Million Dec 2022
External Debt 111268.17 106428.26 USD Million Dec 2022
Capital Flows 8.06 -22.90 USD Million Dec 2022
Remittances 2670972.00 2569344.70 USD Thousand Mar 2023
Foreign Direct Investment 1047.00 448.00 USD Million Feb 2023

Philippines Cash Remittances
In the Philippines, cash remittances refer to cash sent by land-based and sea-based workers through the banking system. Filipinos have worked and settled across international borders over the past decades and personal remittances remain a major source of the Southeast Asian country's foreign exchange inflows. In 2022, remittances from overseas Filipino workers accounted for 8.9 percent of the country's gross domestic product.
Actual Previous Highest Lowest Dates Unit Frequency
2670972.00 2569344.70 3159134.10 64208.00 1989 - 2023 USD Thousand Monthly
Current Prices, NSA