Personal remittances from Overseas Filipinos (OFs) reached$3.07 billion in January, 3.5 percent higher than the $2.97 billion recorded in the same month last year.

The increase in personal remittances in January was due to higher remittances sent by land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.

Of the personal remittances from OFs, cash remittances coursed through banks increased by 3.5 percent to $2.76 billion in January from $2.67 billion registered in the comparable month a year ago.

The expansion in cash remittances in January was due to the growth in receipts from land- and sea-based workers.

The growth in cash remittances from the United States, Saudi Arabia, Japan, and Singapore contributed largely to the increase in remittances in January.

Meanwhile, in terms of country sources, the US posted the highest share of overall remittances during the month, followed by Singapore, Japan, and Saudi Arabia. BSP