PERSONAL remittances from Overseas Filipinos (OFs) grew by 3.0 percent to US$2.95 billion in February 2024 from US$2.86 billion recorded in February 2023. The increase in personal remittances in February 2024 was due to 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.
Similarly, cumulative personal remittances increased by 2.8 percent to US$6.10 billion in January-February 2024 from US$5.93 billion recorded in January-February 2023.
Of the personal remittances from OFs, cash remittances coursed through banks reached US$2.65 billion in February 2024, higher by 3.0 percent than the US$2.57 billion posted in February 2023. The expansion in cash remittances in February 2024 was due to growth in receipts from both land- and sea-based workers.
On a year-to-date basis, cash remittances rose by 2.8 percent to US$5.48 billion in January-February 2024 from US$5.33 billion registered in January-February 2023.
The growth in cash remittances from the United States (U.S.), Saudi Arabia, Singapore, and the United Arab Emirates (U.A.E.) contributed mainly to the increase in remittances in January-February 2024. In terms of country source, the U.S. had the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan.
metrosundaily
