Personal remittances from overseas Filipino workers (OFWs) increased by 3.3% in August, according to the Bangko Sentral ng Pilipinas (BSP).
Data from the BSP released on Tuesday, October 15, showed that remittances for the month reached USD3.2 billion, up from USD3.1 billion in August 2023.
The BSP attributed the growth to higher remittances from land-based workers with contracts of one year or more, as well as sea- and land-based workers with contracts of less than one year.
Personal remittances include cash sent through banks, informal channels, and remittances in kind. Of the total, cash remittances sent through banks amounted to USD2.89 billion, a 3.2% increase compared to the USD2.80 billion recorded in August 2023.
The BSP cited the growth in remittances from both land- and sea-based workers as the primary driver. From January to August, personal remittances rose by 3% to USD24.74 billion from USD24.01 billion in the same period last year.
Cash remittances during this period totaled USD22.22 billion, up by 2.9% from USD21.58 billion in 2023. The increase was largely driven by remittances from the United States, Saudi Arabia, the United Arab Emirates, and Singapore.
The US remained the top source of remittances, followed by Singapore and Saudi Arabia.
