Filipinos remittances rise in Oct. ’24

The Philippines saw a 2.7 per cent increase in personal remittances from Overseas Filipinos (OFs) to $3.42 billion in October 2024 from $3.33 billion in October 2023, with growth observed in both land-based and sea-based workers’ remittances.

Cash remittances coursed through banks amounted to US$3.08 billion in October 2024, up 2.7 per cent from $3.00 billion in October 2023. On a year-to-date basis, cash remittances rose 3.0 per cent to $28.30 billion in January-October 2024.

The US, Saudi Arabia, Singapore, and the UAE were the main sources of increased remittances from Jan to Oct 2024. The US led in cash remittances, followed by Singapore and Saudi Arabia.

Attribution: Bangko Sentral ng Pilipinas report

Subediting: M. S. Salama