October remittances rise by 2.7% to USD3.42B

Remittances from overseas Filipinos (OFs) increased by 2.7 percent in October 2024, reaching USD3.42 billion compared to USD3.33 billion recorded in October 2023, according to the Bangko Sentral ng Pilipinas (BSP).

The BSP noted that the rise came from both land-based and sea-based workers, further boosting the year-to-date remittance total. From January to October 2024, personal remittances grew by 3 percent to USD31.49 billion, up from USD30.57 billion during the same period in 2023.

Cash remittances sent through banks also grew by 2.7 percent to USD3.08 billion in October 2024, from USD3 billion in the same month last year. For the first ten months of the year, cash remittances climbed to USD28.3 billion, marking a 3 percent increase from USD27.49 billion in 2023.

The BSP said growth in cash remittances mainly came from the United States, Saudi Arabia, Singapore, and the United Arab Emirates. The U.S. remained the largest source of remittances, followed by Singapore and Saudi Arabia. (ASC)