Cash remittances sent home by Filipinos working abroad climbed 3 percent to $13.365 billion in the first five months of 2024, according to data from the Bangko Sentral ng Pilipinas (BSP).
This follows a similar growth trend in May, with bank-processed remittances reaching $2.58 billion, up 3.6 percent year-on-year.
The BSP attributed the increase to higher inflows from key sources, particularly the United States (40.9 percent of total remittances), Saudi Arabia (6.1 percent, and Singapore (7.2 percent).
These countries, along with Japan, the United Kingdom, and the United Arab Emirates, remain the top destinations for Filipino overseas workers (OFWs).
The data also revealed a rise in remittances from both land-based and sea-based workers. Land-based workers, who typically have longer contracts, sent home $10.6 billion, reflecting a 3.3 percent increase.
Meanwhile, remittances from sea-based workers grew by 1.7 percent to $2.77 billion.
The BSP is projecting a 3 percent year-on-year growth in cash remittances for 2024.
