THE Bangko Sentral ng Pilipinas said that cash remittances from overseas Filipinos has reached reached $3.3 billion in December 2023.

According to the BSP, this is higher by 3.8 percent than the $3.2 billion recorded in the same month in 2022. 

"On a year-to-date basis, cash remittances reached $33.5 billion in 2023, a 2.9 percent growth from $32.5 billion in 2022," the BSP said. 

Likewise, the BSP said much of the increase came from overseas Filipinos in the United States, Saudi Arabia, and United Arab Emirates.

"In terms of the countries where these remittances originate, the US had the highest share of overall remittances during the period, followed by Singapore, and Saudi Arabia.