Personal remittances from Overseas Filipinos (OFs) rose by 3.2 percent to $3.43 billion in July 2024 from $3.32 billion registered in July 2023, the Bangko Sentral ng Pilipinas (BSP) said Monday.

The increase in personal remittances in July 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.

Cumulative remittances in January-July 2024 expanded by 3 percent to $21.53 billion from $20.91 billion recorded in January-July 2023.

Of the personal remittances from OFs, cash remittances, which were coursed through banks, reached $3.08 billion in July 2024, higher by 3.1 percent than the $2.99 billion posted in July 2023.

The expansion in cash remittances in July 2024 was due to the growth in receipts from land- and sea-based workers.

On a year-to-date basis, cash remittances grew by 2.9 percent to $19.33 billion from $18.79 billion registered in January-July 2023.

The growth in cash remittances from the United States, Saudi Arabia, and United Arab Emirates contributed mainly to the increase in remittances in January-July 2024.

Meanwhile, in terms of country sources, the US also posted the highest share of overall remittances in January-July 2024, followed by Singapore and Saudi Arabia. Bangko Sentral ng Pilipinas