March 2022: Sea-based workers' remittances increased by 1.3% to $573 million from $566 million a year ago

Remittances jump 3.2% in March
Keisha B. Ta-asan May 17, 2022 https://www.bworldonline.com/top-stories/2022/05/17/448839/remittances-j...

(excerpts)

MONEY SENT HOME by overseas Filipinos rose by 3.2% in March, reflecting improved economic conditions in many host countries as pandemic restrictions eased.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed cash remittances sent through banks stood at $2.59 billion in March, up from $2.51 billion in the same month in 2021.

This is the biggest monthly inflow recorded since the $2.66-billion remittances seen in January.

The March remittance growth is also the fastest in three months or since the 3.3% rise in December 2021.

“The expansion in cash remittances was due to the growth in receipts from land-based and sea-based workers,” BSP said in a statement.

In March, remittances sent by land-based workers jumped by 3.7% to $2.02 billion from last year’s $1.94 billion, while those sent by sea-based workers increased by 1.3% to $573 million from $566 million a year ago.