Cash remittances in the Philippines increased by 2.8% YoY, reaching USD 2.49 bln in May, up from 2.43 bln in the same month the previous year. Between January and May, cash remittances amounted to USD 12.98 bln, 3.1% higher than in the same period in 2022. The rise in remittances was primarily driven by the US, Singapore, and Saudi Arabia, with the US contributing the largest share of total remittances (41%).