Daily News

Remittances up 7.3% in January

Foreign exchange sent back to the country by expatriate Filipinos rose in the first month of 2020 due mainly to an increase in the amount of dollars sent home by land-based workers, according to the Bangko Sentral ng Pilipinas (BSP) or central bank. Personal remittances grew by 7.3% year-on-year in January to $2.94 billion from $2.75 billion a year ago. By country source, the United States had the highest share of overall remittances at 38.6%. It was followed by Japan, Singapore, Saudi Arabia, United Kingdom, United Arab Emirates, Qatar, Canada, Hong Kong and Korea.