MANILA, Philippines—Dollars sent home by Filipinos abroad in May reached a record high in more than four years, according to the Bangko Sentral ng Pilipinas (BSP).
In a statement, the BSP said remittances from land-based workers abroad helped push the volume up.
The BSP said personal remittances from overseas Filipinos increased by 13.3 percent to $2.652 billion in May 2021 from $2.341 billion in May 2020.
This was the fastest monthly increase in dollars sent home by expatriates since the 18.5 percent increase recorded in November 2016.
This brought the cumulative remittances to $13.68 billion in the first five months of 2021, a 6.6 p…
Keep on reading: Remittances by Filipinos abroad highest in May since November 2016