Personal Remittances Increase by 3.3% in August 2024, Reaching US$24.7 Billion for the Year

Personal remittances from Overseas Filipinos (OFs) grew by 3.3% in August 2024, reaching US$3.20 billion compared to US$3.10 billion in August 2023. This increase was driven by higher remittances from land-based workers with contracts lasting one year or more, as well as from sea- and land-based workers with shorter-term contracts.

From January to August 2024, total remittances grew by 3.0%, amounting to US$24.74 billion, up from US$24.01 billion in the same period in 2023.

Cash remittances, which are processed through banks, also saw a 3.2% increase in August 2024, reaching US$2.89 billion compared to US$2.80 billion in August 2023. The growth came from both land- and sea-based workers.

For the year so far, cash remittances rose by 2.9%, reaching US$22.22 billion between January and August 2024, up from US$21.58 billion in the same period last year.

The growth in remittances was mainly due to contributions from Filipinos in the United States, Saudi Arabia, United Arab Emirates, and Singapore. The U.S. accounted for the largest share of cash remittances, followed by Singapore and Saudi Arabia. (ASC)