Cash remittances from overseas Filipinos rose 2.9 percent to $19.33 billion in the first seven months of 2024, the Bangko Sentral ng Pilipinas (BSP) said on Monday.
Land-based workers sent $15.46 billion in remittances during the period, up 3.2% from a year earlier.
Sea-based workers’ remittances rose 1.6% to $3.87 billion.
Personal remittances, which include cash remittances and other transfers, rose 3% to $21.53 billion.
The United States remained the largest source of remittances, accounting for 41.1 percent of the total.
Other major sources included Singapore, Saudi Arabia, Japan, the United Kingdom, and the United Arab Emirates.
The BSP forecasts that cash remittances will continue to grow by 3% in 2024.
This projection is consistent with the overall positive trend observed in recent months.
