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The total amount of money and goods or commodities sent back home by Filipinos abroad hit over $3 billion in September amid a seasonal surge in money transfers in view of the “ber months” holiday season.Data released by the Bangko Sentral ng Pilipinas showed that personal remittances —the sum of transfers sent in both cash and in kind— stood at $3.34 billion, up 3.3% from $3.23 billion recorded in September 2023.
”September’s figures brought the year-to-date personal remittances to stand at $28.07 billion, up 3% from $27.24 billion seen in January to September 2023.Of the $3.34-billion personal remittances, the total cash remittances —or cash transfers which coursed through formal channels or the banking system— reached $3.01 billion, up 3.3% from $2.91 billion year-on-year.“The growth in cash remittances in September 2024 was due to the growth in receipts from land- and sea-based workers,” the BSP said.
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