Remittances from OFWs up anew in August

OFW REMITTANCES. Cash remittances from overseas Filipinos reached USD22.22 billion from January to August this year, compared to USD21.58 billion last year. Data released by the Bangko Sentral ng Pilipinas on Oct. 15, 2024 showed the amount was higher by 2.9 percent year on year. (PNA file photo)

MANILA, Philippines – Personal remittances from overseas Filipino workers (OFWs) rose by 3.3 percent in August, the Bangko Sentral ng Pilipinas (BSP) said.

Data released by the BSP on Tuesday showed that personal remittances during the month amounted to USD3.2 billion, up from the USD3.1 billion recorded in August last year.

“The expansion in personal remittances in August 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,” the central bank said.

Personal remittances cover cash sent through banks and informal channels and also remittances in kind.

Of the total personal remittances, cash remittances coursed through banks reached USD2.89 billion, higher by 3.2 percent than the USD2.80 billion in August 2023.

The BSP said the higher cash remittances in August 2024 were due to the growth in receipts from land- and sea-based workers.

From January to August, personal remittances grew by 3 percent to USD24.74 billion from USD24.01 billion in the same period last year.

Of the total, cash remittances amounted to USD22.22 billion, up by 2.9 percent from the USD21.58 billion in January to August 2023.

The BSP said the growth in cash remittances from the United States, Saudi Arabia, the United Arab Emirates, and Singapore contributed mainly to the increase in remittances.

The US remained the biggest source of remittances during the period, followed by Singapore and Saudi Arabia.