Overseas remittances from Filipinos rose by 2% year on year to $2.72 billion in April from $2.66 billion, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Sunday.

Media reports estimate April growth to be the weakest in nearly four years, after May 2022, when remittances grew by 1.8%.

From January to April, cash remittances increased by 2.6% to $11.4 billion.

Remittance growth in April eased from the 2.3% increase recorded in March, when cash remittances reached $2.9 billion.

The US remained the largest source of remittance inflows, followed by Singapore and Saudi Arabia, reflecting the continued concentration of remittance flows, the BSP said.