Personal remittances grow by 3.3% YoY in Sept 2024; first three Q level reaches US$28.1-B

Personal remittances from Overseas Filipinos (OFs) grew by 3.3 percent to US$3.34 billion in September 2024 from the US$3.23 billion registered in September 2023. The expansion in personal remittances in September 2024 was due to higher 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.

Correspondingly, cumulative remittances in January-September 2024 increased by 3.0 percent to US$28.07 billion from the US$27.24 billion recorded in January-September 2023.

Of the personal remittances from OFs, cash remittances, which were coursed through banks, reached US$3.01 billion in September 2024, higher by 3.3 percent than the US$2.91 billion posted in September 2023. The growth in cash remittances in September 2024 was due to the growth in receipts from land- and sea-based workers.

On a year-to-date basis, cash remittances rose by 3.0 percent to US$25.23 billion in January-September 2024 from the US$24.49 billion registered in January-September 2023.

The growth in cash remittances from the United States (U.S.), Saudi Arabia, Singapore, and the United Arab Emirates (U.A.E.) contributed mainly to the increase in remittances in January-September 2024. Meanwhile, in terms of country sources, the U.S. accounted for the largest share of overall cash remittances in January-September 2024, followed by Singapore and Saudi Arabia. (BSP)