Philippine remittances extended gains in April, reinforcing their role as a key source of foreign exchange amid global uncertainty.
According to the Bangko Sentral ng Pilipinas, cash remittances coursed through banks rose 2% year-on-year to $2.72 billion, lifting inflows for the January–April period to $11.4 billion.
The United States remained the largest source of remittances, followed by Singapore and Saudi Arabia.
Personal remittances, which include cash transfers outside the banking system and in-kind flows, increased 2.1% to $3.037 billion in April. Cumulative personal remittances for the first four months reached $12.701 billion, up 2.7% from a year earlier.
Seasonally adjusted personal remittances edged 0.4% higher month-on-month to $3.3 billion.
