The Bangko Sentral ng Pilipinas (BSP) announced on November 15, 2024, that personal remittances from overseas Filipino workers (OFWs) saw a 3.3% increase in September 2024, amounting to $3.34 billion. This figure marks a significant growth from the $3.23 billion recorded in September 2023. In the previous month, remittances were noted at $3.20 billion.
The increase in remittances was primarily driven by higher inflows from both land-based workers with contracts of one year or more and sea- and land-based workers on shorter contracts. Cash remittances that passed through formal banking channels reached $3.01 billion in September 2024, up by 3.3% compared to $2.91 billion in September 2023.
From January to September 2024, total cash remittances grew by 3.0%, reaching $25.23 billion, an increase from the $24.49 billion recorded during the same period in 2023.
The central bank highlighted notable contributions from the United States, Saudi Arabia, Singapore, and the United Arab Emirates, among others, as key sources of remittances. The breakdown of the highest sources of cash remittances includes:
United States: 41.3%
Singapore: 7.0%
Saudi Arabia: 6.2%
Japan: 4.9%
United Kingdom: 4.8%
UAE: 4.3%
Canada: 3.5%
Qatar: 3.5%
Taiwan: 2.5%
South Korea: 2.5%
Other countries: 19.9%
