Cebu Daily Newscast: Remittances soar to P33.5 billion in 2023 – BSP

By: 9 months ago

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A bank employee displays US dollar (L) and Philippine notes (R) in Manila on August 3, 2011.Philippine President Benigno Aquino said August 3, the US dollar’s weakness could be starting to hurt the Philippines, with domestic inflation a key concern.The Philippine peso has appreciated by about seven percent against the greenback this year, to 42.34 to the dollar on August 3 morning trade. AFP PHOTO / TED ALJIBE

Here’s what you need to know on Friday, February 16.

Remittances soar to P33.5 billion in 2023 – BSP

Filipinos abroad sent a record amount of money back home in 2023 as remittances hit $33.5 billion, boosted by a stronger peso. This increase in the value of remittances helped households cope with high inflation.

According to the Bangko Sentral ng Pilipinas (BSP), bank cash remittances totaled $33.5 billion, marking a 2.9 percent annual increase. The 2023 inflows were the highest since the BSP started tracking cash remittances in 1970.

At the same time, last year’s remittance growth was consistent with the central bank’s projection of a 3-percent expansion for 2023, albeit slower than the 3.6-percent uptick in 2022.

In December 2023 alone, cash remittances grew 3.8 percent to $3.3 billion, the fastest growth in a year amid the seasonal spike during the Christmas shopping season.

Nicholas Mapa, senior economist at ING Bank in Manila, said the peso’s strength against the US dollar propped up the value of money sent home by Filipino migrants, who are also likely enjoying better job prospects in their host countries as the global economy recovered from the pandemic’s onslaught.

Cebu City drug bust: 5 persons nabbed, P102,000 ‘shabu’ seized

In the local front, around a kilo of suspected shabu worth P6.8 million was confiscated from a high-value individual during a buy-bust operation conducted in Zone 7, Barangay Mantuyong, in Mandaue City at 12:20 a.m today, February 16.

The High Value Individual was identified as 57-year-old Sydney Tanggarorang Dialimas Alyas Rack Rack a resident of Rizal St. in Carcar City, Cebu.

Dialimas allegedly can dispose of about 500 grams of shabu a week with a customer network in the cities of Mandaue, Lapu-Lapu, and Talisay.

UV Lancers shock La Salle in Sibugay cage wars

The UV Lancers took down the De La Salle University (DLSU) Green Archers, 83-79, in the battle of defending collegiate champions in the ongoing 2nd Gov. Ann K. Hofer 23rd Araw ng Sibugay Invitational Basketball Tournament on Thursday evening.

The UV Lancers, the reigning Cebu Schools Athletic Foundation, Inc. Season 23 champions led by as many as 17 points in the third period, 61-44 before La Salle fought back despite the absence of reigning UAAP MVP Kevin Quiambao.

The Green Archers pulled themselves to within a point, 73-74, with roughly four minutes left in the final period.

The UV Lancers, however, outscored the UAAP champions, 9-6 behind former team captain Ted Saga and eventual player of the game Zylle Cabellon to secure the close win at the packed Capitol Sports Complex in Zamboanga Sibugay.

Kris Aquino ‘gibilin’ na sila si Josh, Bimby sa pagatiman ni Boy Abunda

Murag gibilin na ni Kris Aquino ang duha niya ka mga anak nga sila si Josh ug Bimby sa iyang longtime nga higala nga si Boy Abunda.

Sa usa ka exclusive interview sa programang “Fast Talk,” gihinumduman ni Kris ang saad kaniadto ni Tito Boy kung dunay mahitabo kaniya tungod sa iyang panglawas.

Matud pa sa Queen of All Media, iya nang gisalig ang iyang mga anak ngadto kang Abunda tungod kay nagkagrabe na ang iyang problema bahin sa panglawas.

Mitug-an si Kris nga suwayan niya ang gitawag nga “biological medicine” para ma-improve ang iyang heart condition. Kung di kini moepekto, dako ang posibilidad nga magka cardiac arrest siya.