According to the Bangko Sentral ng Pilipinas, this growth was attributed to contributions from both land-based workers with long-term contracts and sea-based and short-term contract workers.
Notably, cash remittances processed through banks also rose by 3.0% to $2.65 billion, reflecting positive trends from key countries like the United States, Saudi Arabia, Singapore, and the UAE.
This uptick underscores the robust inflow of remittances, which are crucial to the Philippine economy, sustaining family incomes and fuelling domestic consumption, the central bank said in a statement..
