Overseas Filipino Remittances Increase by 3.0% in March 2023

Personal remittances from Overseas Filipinos (OFs) experienced a notable 3.0 percent growth in March 2023, reaching USD2.97 billion compared to USD2.89 billion in the same month last year.

The rise in personal remittances can be attributed in part due to the increased transfers from land-based workers with contracts of one year or more, as well as sea and land-based workers with contracts of less than one year.

In the first quarter of 2023, personal remittances rose by 3.0 percent to USD8.91 billion, up from USD8.65 billion in the corresponding period of 2022. This sustained growth in remittances contributes to the country’s economic stability and reinforces the positive outlook for the year.

Cash remittances, specifically those coursed through banks, also witnessed a 3.0 percent increase in March 2023, amounting to USD2.67 billion compared to USD2.59 billion in the same month last year.

The expansion in cash remittances was driven by higher receipts from land and sea-based workers.

Cash remittances coursed through banks totaled US$8.00 billion for the first quarter of 2023, reflecting a 3.0 percent increase from the previous year’s level of USD7.77 billion.

Notably, remittances from the United States (US), Singapore, Saudi Arabia, and the United Arab Emirates (UAE) played a significant role in the overall growth during this period. The US accounted for the largest share of remittances, followed by Singapore, Saudi Arabia, and Japan.

Meanwhile, the Philippine economy grew by only 6.4 percent in the first quarter of 2023, down from the 8 percent growth that the country experienced in the same period last year. (GFB)