OFW Remittances Increase by 3.2% in July 2024; Total Hits US$21.5 Billion for the Year

Overseas Filipino Workers (OFWs) continue to boost the Philippine economy as personal remittances rose by 3.2% in July 2024 compared to the same period last year.

Data from the Bangko Sentral ng Pilipinas (BSP) shows that remittances for the period from January to July 2024 have reached a total of US$21.5 billion.

In July alone, cash remittances coursed through banks amounted to US$3.08 billion, reflecting a 3.1% increase from the US$2.99 billion recorded in July 2023. This growth was driven by increased remittances from both land-based and sea-based workers.

From January to July 2024, cash remittances totaled US$19.33 billion, marking a 2.9% growth from the US$18.79 billion posted during the same period last year.

The increase in remittances has been mainly attributed to stronger inflows from countries like the United States, Saudi Arabia, and the United Arab Emirates.

The U.S. remains the top source of remittances, followed by Singapore and Saudi Arabia, further solidifying the role of OFWs in supporting the Philippine economy. (ASC)