Dollar remittances from overseas Filipino workers increased in May 2024 due to higher funds sent by land-based workers with contracts of one year or more, and sea- and land-based workers with shorter contracts.
Data from Bangko Sentral ng Pilipinas (BSP) released on Monday, July 15, showed that personal remittances from OFWs had a 3.7% increment to reach $2.88 billion compared to $2.78 billion in May 2023.
The result was a 3.0% increase in cumulative personal remittances from January to May 2024 to $14.89 billion from $14.46 billion in January to May 2023.
Of the personal remittances from overseas Filipinos, cash remittances through banks totaled $2.58 billion in May 2024, up 3.6 percent from $2.49 billion recorded in May 2023.
Growth in receipts from both land- and sea-based workers contributed to the increase in cash remittances in May 2024.
Year-to-date, cash remittances from January to May 2024 increased by 3.0 percent to $13.37 billion from $12.98 billion recorded in January to May 2023.
BSP said the growth in cash remittances from the United States (U.S.), Saudi Arabia, and Singapore contributed mainly to the increase in remittances in January – May 2024.
In terms of countries of origin, the U.S. had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia. (TCSP)
