Remittances from overseas Filipinos continued to climb in October, marking the second consecutive month of growth, according to the Bangko Sentral ng Pilipinas (BSP).
Cash remittances sent through banks reached $3.079 billion in October, a slight increase from $3.009 billion in September and 2.7% higher compared to $2.998 billion in the same month last year.
Inflows from land-based workers rose by 3.2% to $2.48 billion, while sea-based workers contributed $0.6 billion, reflecting a 0.6% growth.
From January to October, total cash remittances amounted to $28.304 billion, up 3.0% from $27.492 billion during the same period in 2023. The BSP attributed the increase to higher remittances from key countries, including the United States, Saudi Arabia, Singapore, and the United Arab Emirates.
The United States remained the top source of remittances, accounting for 41.2% of inflows in the first 10 months, followed by Singapore (7.1%), Saudi Arabia (6.2%), and the United Arab Emirates (4.3%).
Meanwhile, personal remittances, which include cash transfers and in-kind contributions sent via informal channels, stood at $3.415 billion in October, up 2.7% from the same month last year. Year-to-date personal remittances reached $31.487 billion, also reflecting a 3.0% growth from 2023.
“The growth in remittances was driven by both land-based and sea-based workers,” the BSP noted.
