Overseas Filipinos’ personal remittances up 3.1% in April

Remittances from the US, Saudi Arabia, and Singapore all grew.

Personal remittances from overseas Filipinos (OFs) grew 3.1% to $2.86b in April, according to data from the Bangko Sentral ng Pilipinas (BSP).

Remittances from land-based workers with contracts of one year, and those from sea and land-based workers with work contracts of less than a year, all grew in April 2024, the BSP said in a statement published on its website in June 2024.

The central bank noted that the growth in cash remittances from the United States (US), Saudi Arabia, and Singapore are the main contributors for the increase in remittances not just in April but in the first four months of 2024.

Cumulative personal remittances are up 2.8% to $12.01b in the January-April 2024 period, compared to the just $11.68b recorded in January-April 2023.

In terms of the countries where these remittances originated, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.

Separately, the Philippines has also reported an expansion of bank loans by 9.6% in April.