Personal remittances register $2.86b in April
Personal remittances from Overseas Filipinos (OFs) grew by 3.1 percent to $2.86 billion in April from $2.77 billion recorded in April 2023.
The increase in personal remittances in April 2024 was due to remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.
Similarly, cumulative personal remittances rose by 2.8 percent to $12.01 billion in January ? April from $11.68 billion recorded in January ? April 2023.
Of the personal remittances from OFs, cash remittances coursed through banks reached $2.56 billion in April from $2.48 billion posted in April 2023.
The expansion in cash remittances in Aprilwas due to growth in receipts from both land- and sea-based workers.
On a year-to-date basis, January ? April cash remittances amounted to $10.78 billion, a 2.8 percent increase from the $10.49 billion registered in January ? April 2023.
The growth in cash remittances from the United States, Saudi Arabia, and Singapore contributed mainly to the increase in remittances in the first four months of 2024.
In terms of the countries where these remittances originated, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia. BSP
