Overseas Filipinos’ cash remittances reached $22.217 billion as of the end of August, representing a year-on-year increase of 2.9%, according to data from the Bangko Sentral ng Pilipinas (BSP).
In its report released on October 15, the BSP noted that remittances sent via banking channels climbed 3.2% to $2.885 billion in August.
For the first eight months, remittances from land-based workers rose 3.3% to $17.74 billion while sea-based workers contributed $4.48 billion, an increase of 1.5% from $4.41 billion last year.
Personal remittances, which account for net compensation, personal transfers, and capital transfers between households, also saw growth, increasing 3% year-on-year to $24.74 billion from $24.01 billion.
In August alone, personal remittances rose 3.3% to $3.204 billion, up from $3.1 billion in August 2023. Land-based workers with contracts of one year or more sent $19.21 billion, a 3.1% increase from $18.63 billion in the previous year.
Additionally, remittances from sea- and land-based workers with contracts of less than one year went up by 2.2% to $4.94 billion.
The BSP attributed the growth in cash remittances to stronger inflows from the United States, Saudi Arabia, the United Arab Emirates, and Singapore. The U.S., Singapore, and Saudi Arabia continue to dominate the remittance landscape, accounting for significant shares of the total.
