Overseas Filipinos’ Remittances Rise by 3.7% in May 2024

Personal remittances from Overseas Filipinos (OFs) increased by 3.7% to $2.88 billion in May 2024, up from $2.78 billion in May 2023. This growth was driven by remittances from both land-based workers with contracts of one year or more and sea- and land-based workers with shorter contracts.

Cumulatively, from January to May 2024, personal remittances rose by 3.0%, reaching $14.89 billion compared to $14.46 billion during the same period in 2023.

Cash remittances sent through banks amounted to $2.58 billion in May 2024, a 3.6% increase from the $2.49 billion recorded in May 2023. This rise was attributed to higher receipts from land- and sea-based workers.

For the year-to-date, cash remittances from January to May 2024 grew by 3.0% to $13.37 billion, up from $12.98 billion in the same period in 2023.

The growth in remittances was mainly supported by increases from the United States, Saudi Arabia, and Singapore. The U.S. had the highest share of overall remittances, followed by Singapore and Saudi Arabia. (ASC)