Overseas Remittances Increased in April 2024

Bangko Sentral ng Pilipinas (BSP) released a report on June 17, 2024, stating that personal and cumulative remittances from Overseas Filipinos (OFs) increased in April.

According to the report, personal remittances from Overseas Filipinos (OFs) increased by 3.1% or USD2.86 billion compared to USD2.77 billion in April last year.

The said rise was attributed to the remittances from both land-based workers with contracts for one year or more, and sea- and land-based workers with contracts of less than one year.

Similarly, the cumulative personal remittances from January to April 2024 also increased to 2.8% or USD12.01 billion higher than US$11.68 billion during the same period in 2023.

“Of the personal remittances from OFs, cash remittances coursed through banks reached US$2.56 billion in April 2024 from US$2.48 billion posted in April 2023. The expansion in cash remittances in April 2024 was due to growth in receipts from both land- and sea-based workers,” BSP said.

From January to April 2024, cash remittances amounted to US$10.78 billion, reflecting a 2.8% increase from the US$10.49 billion reported during the same period in 2023.

The main contributors to this growth in cash remittances were the United States, Saudi Arabia, and Singapore.

In the first four months of 2024, the United States accounted for the largest portion of overall remittances, followed by Singapore and Saudi Arabia. (ASC)