PERSONAL remittances from Overseas Filipinos (OFs) rose by 2.5 percent to US$3.21 billion in June 2024 from US$3.13 billion registered in June 2023. The increase in personal remittances in June 2024 was due to higher remittances sent by 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.
This expanded the cumulative remittances in January-June 2024 by 2.9 percent to US$18.10 billion from US$17.59 billion recorded in January-June 2023.
Of the personal remittances from OFs, cash remittances coursed through banks reached US$2.88 billion in June 2024, higher by 2.5 percent than the US$2.81 billion posted June 2023. The expansion in cash remittances in June 2024 was due to the growth in receipts from land- and sea-based workers.
On a year-to-date basis, cash remittances grew by 2.9 percent to US$16.25 billion from US$15.79 billion registered in January-June 2023.
The growth in cash remittances from the United States (U.S.), Saudi Arabia, and Singapore contributed mainly to the increase in remittances in January-June 2024. Meanwhile, in terms of country sources, the U.S. also posted the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.
