Personal remittances from overseas Filipinos (OFs) grew by 3.3 percent in September 2024, reaching a total of USD3.34 billion, up from USD3.23 billion in the same month last year, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). The increase is largely attributed to higher remittances from both land-based workers with contracts lasting one year or more and sea- and land-based workers with contracts of less than one year.
The uptick in remittances underscores the ongoing strength of the Philippine economy, which continues to rely on the contributions of its overseas workforce. As of September 2024, cumulative remittances for the year rose by 3 percent to USD28.07 billion, up from USD27.24 billion in the same period in 2023.
A significant portion of the funds were channeled through banking institutions, with cash remittances reaching USD3.01 billion in September 2024—a 3.3 percent increase from the USD2.91 billion recorded in September 2023. The growth was driven by the continued inflow of funds from land- and sea-based workers, the BSP said.
The rise in remittances is a key indicator of the ongoing recovery of the global economy and the resilience of Filipinos abroad. The increase in remittances from key countries such as the United States, Saudi Arabia, Singapore, and the United Arab Emirates contributed significantly to the year-to-date growth. The United States remains the largest source of remittance inflows, followed by Singapore and Saudi Arabia.
On a year-to-date basis, cash remittances totaled USD25.23 billion as of September 2024, marking a 3 percent increase compared to the same period in 2023, when remittances were recorded at USD24.49 billion.
Despite challenges in global financial flows, the steady growth in remittances highlights the resilience of the Philippine diaspora, which continues to play a vital role in supporting the national economy. As remittances remain a critical source of livelihood for millions of Filipinos, this upward trend provides a much-needed boost to the country’s economic prospects, particularly in sectors such as retail, real estate, and services.
BSP data further indicate that while there are limitations in remittance reporting—particularly in disaggregating funds by country of origin—the overall trend reflects the importance of the U.S. and other key nations in the continued growth of remittance flows to the Philippines.
In conclusion, the continued growth in remittances signals not only the robust contribution of overseas Filipinos to their families back home but also to the broader Philippine economy, reinforcing its stability in a time of global economic shifts.
