Personal remittances grew by 3.3% year-on-year in September
Personal remittances from Overseas Filipinos (OFs) grew by 3.3 percent to $3.34 billion in September 2024 from the $3.23 billion registered in September 2023.
The expansion in personal remittances in September 2024 was due to higher 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.
Correspondingly, cumulative remittances in January-September 2024 increased by 3 percent to $28.07 billion from the $27.24 billion recorded in January-September 2023.
Of the personal remittances from OFs, cash remittances, which were coursed through banks, reached $3.01 billion in September 2024, higher by 3.3 percent than the $2.91 billion posted in September 2023. The growth in cash remittances in September 2024 was due to the growth in receipts from land- and sea-based workers.
On a year-to-date basis, cash remittances rose by 3 percent to $25.23 billion in January-September 2024 from the $24.49 billion registered in January-September 2023.
The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates contributed mainly to the increase in remittances in January-September 2024.
Meanwhile, in terms of country sources, the US accounted for the largest share of overall cash remittances in January-September 2024, followed by Singapore and Saudi Arabia. Bangko Sentral ng Pilipinas
