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Personal remittances post $2.9B in November 2022

PERSONAL remittances from Overseas Filipinos (OFs) grew by 5.8 percent to US$2.93 billion in November 2022 from US$2.77 billion recorded in the same month last year.

The increase in personal remittances in November 2022 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.

Consequently, cumulative personal remittances increased to US$32.65 billion, or by 3.4 percent, in the first eleven months of 2022, from US$31.59 billion in the comparable period in 2021.

Of the personal remittances from OFs, cash remittances coursed through banks reached US$2.64 billion in November 2022, higher by 5.7 percent than the US$2.50 billion registered in the same month in 2021. The expansion in cash remittances in November 2022 was due to the growth in receipts from land- and sea-based workers.

On a year-to-date basis, cash remittances coursed through banks in January-November 2022 amounted to US$29.38 billion, 3.3 percent higher than the year-ago level of US$28.43 billion.

The growth in cash remittances from the United States (US), Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances in January-November 2022.

Meanwhile, in terms of country sources, the US posted the highest share of overall remittances in the first eleven months of 2022, followed by Singapore and Saudi Arabia.

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