Personal remittances grow 2.7% year-on-year in October
Personal remittances from Overseas Filipinos (OFs) grew by 2.7 percent to $3.42 billion in October 2024 from the $3.33 billion registered in October 2023, the Bangko Sentral ng Pilipinas said Monday.
The expansion was seen in remittances from both land-based and sea-based workers.
Correspondingly, cumulative remittances in January-October 2024 increased by 3 percent to $31.49 billion from the $30.57 billion recorded in January-October 2023.
Of the personal remittances from OFs, cash remittances coursed through banks reached $3.08 billion in October 2024, higher by 2.7 percent than the $3 billion posted in October 2023.
On a year-to-date basis, cash remittances rose by 3 percent to $28.30 billion in January-October 2024 from the $27.49 billion registered in January-October 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-October 2024.
Meanwhile, in terms of country sources, the US accounted for the largest share of overall cash remittances in January-October 2024, followed by Singapore and Saudi Arabia. Bangko Sentral ng Pilipinas
