According to the data from the Bangko Sentral ng Pilipinas (BSP), personal remittances from overseas Filipino workers (OFW) grew by 3.3% in September. According to the BSP report published on Friday, November 15, remittances for the month amounted to $3.34 billion compared to $3.23 billion in September 2023. The increase is attributed to the rise in remittances from workers with one-year contracts or more, as well as from sea-based and land-based workers with contracts of less than a year.
Personal remittances include cash sent through banks, informal channels, and in-kind transfers. Of the total remittance amount, cash transfers through banks reached $3.01 billion, which is 3.3% higher than the $2.91 billion recorded in the same month a year ago. The central bank noted the increase in the growth of remittances from land-based and sea-based workers.
"As of January-September 2024, cash remittances grew by 3.0% to $25.23 billion compared to $24.49 billion recorded in January-September 2023," the BSP said in a statement. The growth during this period is mainly attributed to remittances from the USA, Saudi Arabia, Singapore, and the UAE, with the USA remaining the largest source of remittances, followed by Singapore and Saudi Arabia.
