QUEZON CITY (PIA) — Personal remittances from Overseas Filipinos (OFs) increased by 3.3 percent to US$3.20 billion in August 2024 from US$3.10 billion in August 2023, according to the Bangko Sentral ng Pilipinas (BSP) on Oct. 15.
The BSP said personal remittances cover cash sent through banks and informal channels as well as remittances in kind.
It attributed the expansion in personal remittances in August 2024 to the higher remittances from land-based workers with work contracts of one year or more and from sea- and land-based workers with work contracts of less than one year.
Cumulative remittances from January to August this year grew by 3.0 percent to US$24.74 billion from US$24.01 billion recorded in January-August 2023, it noted.
“Of the personal remittances from OFs, cash remittances, which were coursed through banks, reached US$2.89 billion in August 2024, higher by 3.2 percent than the US$2.80 billion posted in August 2023. The growth in cash remittances in August 2024 was due to the growth in receipts from land- and sea-based workers,” the BSP said.
“On a year-to-date basis, cash remittances rose by 2.9 percent to US$22.22 billion in January-August 2024 from US$21.58 billion registered in January-August 2023,” the bank added.
The BSP said that growth in cash remittances from the United States (U.S.), Saudi Arabia, the United Arab Emirates, and Singapore contributed mainly to the increase in remittances in January-August 2024.
In terms of country sources, the U.S. posted the largest share of overall cash remittances in January-August 2024, followed by Singapore and Saudi Arabia, it added. (PIA DMD)
