BUSINESS
Advocates Philippines
Remittances in 2022 Reach $36.1 Billion
The Philippines has recorded its highest level of personal emittances to date, according to the Bangko Sentral ng Pilipinas (BSP). The full-year level of personal remittances for 2022 reached $36.1bn, up 3.6% from $34.88bn in 2021.
Remittances accounted for 8.9% and 8.4% of the country’s Gross Domestic Product and Gross National Income, respectively.
In December 2022, personal remittances from overseas Filipinos reached a record high of $3.49bn, up 5.7% from $3.30bn in the same period in 2021.
The rise was driven by an increase in remittances from land- and sea-based workers. The US, Singapore and Saudi Arabia posted the highest share of overall remittances in 2022.
Remittances accounted for 8.9% and 8.4% of the country’s Gross Domestic Product and Gross National Income, respectively.
In December 2022, personal remittances from overseas Filipinos reached a record high of $3.49bn, up 5.7% from $3.30bn in the same period in 2021.
The rise was driven by an increase in remittances from land- and sea-based workers. The US, Singapore and Saudi Arabia posted the highest share of overall remittances in 2022.
Feb 15, 2023
