Total cash remittances sent home by Filipinos abroad increased 5.3% to US$8.3 billion in January to May, reflecting resilience amid economic challenges faced by some host countries. Personal remittances — or the cash and non-cash items or goods carried across borders coursed through formal and informal channels — reached US$9.3 billion in the same period, reflecting a 5.5% increase. Total funds sent home is a key economic indicator for the Philippines, which is a major labor exporter. Remittances fuel consumer consumption, real estate investments, and vehicle purchases.
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