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| Philipinos abroad sent more money home because Peso’s value was soaked |
Sending money from the Philippines abroad set a record of $ 38.34 billion on the back of the weak Beso in 2024.
Bango Central NG Philipinas stated that this has increased by 37 percent from US $ 37.21 billion
In December 2024, the last -minute rise of sending US $ 3.73 billion was the largest monthly cash flow, and contributed to the overall number.
The Bahujan Samaj Party said it would send money in the country’s GDP (GDP) and 7.4 per cent of GDP (GNI), which underlines their major role in increasing the local economy.
Most of the money was reported through banks, which were $ 34.49 billion, which was $ 33.49 billion from previous years. The rest of the money we sent through informal channels and cashless transfers.
The Bahujan Samaj Party has said that the sending of money from the US, Saudi Arabia, Singapore and the United Arab Emirates has increased primarily last year. But this does not mean that Philipinos in the United States are sending more money home.
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| The BSP says that most of the money was provided by reporter banks in the United States |
According to the Bahujan Samaj Party, the US is the main source of money sending money, because “The general practice of sending money in various cities abroad is to send money through the banks, most of which are located in the United States.”
As far as regions are concerned, Asia has sent US $ 13.85 billion to the highest as a whole, which is slightly lower than the entire United States, with $ 15.38 billion in total.
Singapore’s total transmitting raised US $ 2.48 billion to Asia, Japan increased $ 1.7 billion, Taiwan 904.9 million and Hong Kong by $ 801,831 million.
The largest dismissal in the Middle East is US $ 2.22 billion in Saudi Arabia and US $ 1.52 billion in the United Arab Emirates.
The need for a standard 3 percent growth rate in sending money and reflected the demand for the demand for efficient Philippines workers.
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