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Philippines Cash Remittances Rise 2.8% in Q1

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Overseas Filipino (OF) cash remittances increased 2.8% to $8.68 billion in the first quarter from $8.44 billion a year earlier, according to data released by the Bangko Sentral ng Pilipinas on Friday.

For March alone, the cash remittances reached $2.87 billion, reflecting steady inflows from migrant workers.

The United States remained the largest source of cash remittances during the first quarter, followed by Singapore and Saudi Arabia, highlighting continued dependence on key labor markets.

Personal remittances, which include transfers sent through banks and informal channels as well as in-kind remittances, stood at $3.20 billion in March.

For the first quarter, personal remittances also grew 2.8% to $9.66 billion from $9.40 billion a year earlier, the data showed.

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