Manila: Money sent home by overseas Filipinos continued to grow, reaching USD2.71 billion in May this year, according to Bangko Sentral ng Pilipinas (BSP) data. Preliminary data released by the BSP on Wednesday showed that the amount was 2 percent higher than the USD2.6 billion recorded in April last year. The BSP said the growth in cash remittances reflects sustained inflows from overseas Filipinos.

According to Philippines News Agency, for January to May this year, cash remittances reached USD14.11 billion, higher by 2.5 percent than last year's USD13.77 billion. Personal remittances, which cover cash sent through banks and informal channels, as well as remittances in kind, also rose by 2.1 percent from USD2.97 billion in May last year to USD3.03 billion in May this year. For the January-to-May period, personal remittances increased by 2.6 percent to USD15.73 billion.

The BSP said the United States continued to be the biggest source of inflows, followed by Singapore and Saudi Arabia. In a Viber message, Reyes Tacandong and Co. Senior Adviser Jonathan Ravelas said remittances continued to grow despite the conflict in the Middle East. "That suggests Filipino workers abroad continue to support their families despite global uncertainties, elevated inflation, and geopolitical tensions in the Middle East," he said.

Ravelas said he expects remittances will continue to serve as a key pillar of the Philippine economy, though growth may remain in the low single digits as global risks persist. "Unless we see a major disruption in overseas labor markets, remittance inflows should continue to support consumer spending, help stabilize the peso, and provide an important buffer against external economic shocks," he added. "The message from the latest data is clear: remittances are no longer growing as rapidly as before, but they remain remarkably resilient and dependable."