The Bangko Sentral ng Pilipinas (BSP) on Monday reported a positive trend in personal remittances from overseas Filipinos (OFs), with October 2024 figures showing a 2.7 percent annual increase. Personal remittances reached USD3.42 billion in October, compared to USD3.33 billion in the same month last year. This growth reflects stronger remittance inflows from both land-based and sea-based workers.
Cumulatively, remittances from January to October rose by 3.0 percent, totaling USD31.49 billion, up from USD30.57 billion during the same period in 2023. This continued increase highlights the importance of remittances in supporting the Philippine economy, providing crucial financial support to families back home.
According to the BSP, a notable portion of the growth came from cash remittances, which were channeled through the banking system. In October, cash remittances amounted to USD3.08 billion, a 2.7 percent increase from the USD3.0 billion recorded in October 2023. For the year-to-date period, cash remittances reached US$28.30 billion, rising by 3.0 percent compared to the USD27.49 billion recorded in the same months of 2023.
The increase in remittances can be attributed to robust contributions from key countries, including the United States, Saudi Arabia, Singapore, and the United Arab Emirates. Among these, the United States remained the largest contributor to total remittances in the January-October 2024 period, followed by Singapore and Saudi Arabia.
The BSP continues to monitor global trends in remittances, which play a significant role in the Philippine economy. Remittances not only provide financial stability to millions of Filipino families but also drive consumer spending, investments, and growth across various sectors.
The United States accounted for the largest share of cash remittances, data limitations, such as the routing of remittances through correspondent banks, may lead to the appearance of a higher proportion of funds originating from the U.S.
The BSP will continue to support initiatives that enhance the efficiency and security of remittance channels, ensuring that overseas Filipinos continue to contribute to the Philippines’ economic growth.
