Filipino expats’ remittances climb to $3.43b in July

Remittances from expatriate Filipinos continued to rise in July 2024, reaching $3.43 billion, a 3.2 per cent increase from the previous year, according to a statement released by Bangko Sentral ng Pilipinas on Monday.

The growth was primarily driven by higher remittances from land-based workers with longer contracts and sea- and land-based workers with shorter contracts.

On a year-to-date basis, cumulative remittances from January to July 2024 expanded by 3.0 per cent to $21.53 billion. Cash remittances, which were channelled through banks, reached $3.08 billion in July 2024, up 3.1 per cent from the previous year.

The US, Saudi Arabia, and the United Arab Emirates were the main contributors to the increase in remittances during the first seven months of 2024. The United States also maintained its position as the top source of remittances for Filipinos.

Attribution: Bangko Sentral ng Pilipinas statement

Subediting: M. S. Salama