Overseas Filipinos’ remittances up 3.3% to $3.2b in August

Cash remittances coursed through banks rose by 3.2% during the month.

Personal remittances of overseas Filipinos (OFs) rose by 3.3% year-on-year to $3.2b in August 2024, according to data from the Bangko Sentral ng Pilipinas (BSP).

This is higher than the $3.1b of remittances registered in August 2023.

Cumulative remittances in January to August 2024 is $24.74b, 3% YoY higher than the $24.01b reported in the first eight months of 2023.

Cash remittances sent through banks made up $2.89b of all personal remittances, a 3.2% YoY increase. This was buoyed by the growth of receipts from land and sea based workers, according to BSP.

Cash remittances from the United States, Saudi Arabia, United Arab Emirates, and Singapore contributed mainly to the rise of remittances in the first eight months of 2024.

Amongst markets, the US posted the largest share of overall cash remittances in January-August 2024, followed by Singapore and Saudi Arabia.