Personal remittances from Overseas Filipinos (OFs) grew by 3.3% to $3.20 billion in August 2024 from $3.10 billion registered in August 2023.
The expansion in personal remittances in August 2024 was due to higher remittances from 1) land-based workers with work contracts of one year or more and 2) sea- and land-based workers with work contracts of less than one year.
Correspondingly, cumulative remittances in January-August 2024 increased by 3.0% to $24.74 billion from $24.01 billion recorded in January-August 2023.
Of the personal remittances from OFs, cash remittances, coursed through banks, reached $2.89 billion in August 2024, higher by 3.2% than the $2.80 billion posted in August 2023. The growth in cash remittances in August 2024 was due to increased receipts from land- and sea-based workers.
On a year-to-date basis, cash remittances rose by 2.9% to $22.22 billion in January-August 2024 from $21.58 billion registered in January-August 2023.
The growth in cash remittances from the United States (U.S.), Saudi Arabia, United Arab Emirates (U.A.E.), and Singapore contributed mainly to the increase in remittances in January-August 2024. Meanwhile, regarding country sources, the U.S. also posted the largest share of overall cash remittances in January-August 2024, followed by Singapore and Saudi Arabia.
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