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May 27, 2024

Money keeps flowing: Filipino remittances rise 2.8% in first two months

Filipinos working abroad sent more money back home in the first two months of 2024, according to data from the Bangko Sentral ng Pilipinas (BSP).

Cash remittances, which are transfers sent through formal banking channels, increased by 2.8% to $5.481 billion compared to $5.331 billion during the same period in 2023.

The BSP attributed this expansion to a rise in receipts from both land-based and sea-based workers. Cash remittances from land-based workers reached $4.38 billion, reflecting a 3.2% increase from $4.25 billion in 2023. Meanwhile, contributions from sea-based workers rose 1.2% to $1.10 billion, compared to $1.09 billion last year.

The United States remained the leading source of cash remittances, accounting for 41.4% of the total in the first two months. This dominance partly stems from the common practice of routing remittances through correspondent banks in the US. Singapore, Saudi Arabia, and Japan followed the US as significant source countries, contributing 7.3%, 5.6%, and 5.2% respectively.

Personal remittances, which include an overseas Filipino worker’s net compensation and transfers between households, grew by 2.8% to $6.1 billion

The BSP expects cash remittances to grow by 3% year-on-year for 2024.