Personal remittances up by 3.7 percent in May 2024; Cumulative level reaches US$14.9 Billion

Personal remittances from Overseas Filipinos (OFs) rose by 3.7 percent to US$2.88 billion in May 2024 from US$2.78 billion recorded in May 2023. The increase in personal remittances in May 2024 was due to remittances from 1) land-based workers with work contracts of one year or more and 2) sea- and land-based workers with work contracts of less than one year.

Consequently, cumulative personal remittances in January – May 2024 increased by 3.0 percent to reach US$14.89 billion from US$14.46 billion in January – May 2023.

Of the personal remittances from OFs, cash remittances coursed through banks amounted to US$2.58 billion in May 2024, higher by 3.6 percent than the US$2.49 billion posted in May 2023. The expansion in cash remittances in May 2024 was due to growth in receipts from both land- and sea-based workers.

On a year-to-date basis, January – May 2024 cash remittances increased by 3.0 percent to US$13.37 billion from US$12.98 billion registered in January – May 2023.

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. (BSP)