Personal remittances from overseas Filipino workers saw a 3.2-percent increase in July 2024, reaching USD 3.43 billion, data from Bangko Sentral ng Pilipinas (BSP) showed.
This figure exceeds the USD 3.32 billion in remittances recorded for the same month last year and is the highest so far in 2024.
“The increase in personal remittances in July 2024 was due to higher remittances from 1) land-based workers with work contracts of one year or more and 2) sea- and land-based workers with work contracts of less than one year,” the BSP said.
Cash remittances sent through banks also saw a 3.1 percent increase, totaling USD 3.08 billion in July 2024, up from USD 2.99 billion in the same month last year.
For the year-to-date period, cash remittances grew by 2.9 percent, reaching USD 19.33 billion from January to July 2024, compared to USD 18.79 billion during the same period in 2023.
The U.S. was the largest source of remittances from January to July 2024, followed by Singapore and Saudi Arabia.
“The growth in cash remittances from the United States (U.S.), Saudi Arabia, and the United Arab Emirates contributed mainly to the increase in remittances in January-July 2024,” the BSP said.
