BSP Reports 2.6% Increase in Overseas Remittances

According to a recent report by the Bangko Sentral ng Pilipinas (BSP), personal remittances from Overseas Filipinos (OFs) saw a 2.6% rise in March 2024 compared to the same period last year.

This year’s remittances surged from USD 2.97 billion in March 2023 to USD 3.05 billion, marking a 2.6% increase.

BSP attributes this growth to higher remittances from land-based workers with contracts lasting a year or more, as well as from sea- and land-based workers with contracts of less than a year.

For the first quarter of 2024, personal remittances increased by 2.8% or USD 9.15 billion from USD 8.90 billion in the corresponding period of the previous year.

BSP also highlighted that cash remittances sent through banks reached USD 2.74 billion in March 2024, up from USD 2.67 billion in March last year. This growth was primarily fueled by increased receipts from both land- and sea-based workers abroad.

Cash remittances for the first quarter of 2024 totaled USD 8.22 billion, a 2.7% increase from USD 8 billion in the same period last year.

Furthermore, BSP identified Overseas Filipinos from the United States (U.S.), Saudi Arabia, United Arab Emirates (U.A.E.), and Singapore as the primary contributors to the uptick in remittances during the first quarter of 2024.

Among these, the U.S. held the largest share of overall remittances, followed by Singapore and Saudi Arabia. (ASC)