THE Bangko Sentral ng Pilipinas said that cash remittances coming from overseas Filipinos increased by 2.8 percent or to $2.7 billion in November 2023 from $2.6 billion in the same month in 2022.

The Central Bank said that the growth in cash remittances in November was primarily due to increased receipts that came from the land- and sea-based workers.

For the year-to-date basis, cash remittances had increased to $30.2 billion for the first eleven months of 2023.

The BSP said that this is higher by 2.8 percent compared to the year-ago level of $9.4 billion the year before. 

The countries with the top remittances come from the US, Saudi Arabia, and United Arab Emirates.

Meanwhile, personal remittances had increased by 2.9 percent to $3 billion in November 2023 from $2.9 billion in the same month last year.