PERSONAL remittances from Overseas Filipinos (OFs) increased by 2.2 percent to US$3.13 billion in June 2023 from US$3.06 billion registered in the same month last year. The rise in personal remittances in June 2023 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.
Similarly, cumulative personal remittances grew by 3.0 percent to US$17.59 billion in the first half of 2023 from US$17.09 billion recorded in the comparable period in 2022.
Of the personal remittances from OFs, cash remittances coursed through banks reached US$2.81 billion in June 2023, 2.1 percent higher than the US$2.75 billion posted in the same month last year. The expansion in cash remittances in June 2023 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$15.79 billion from US$15.35 billion registered in the same period last year.
The growth in cash remittances from the United States (U.S.), Singapore, and United Arab Emirates (U.A.E) contributed mainly to the increase in remittances in the first half of 2023. Meanwhile, in terms of country sources, the U.S. posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan.
