July Remittances Hit $3.43 Billion

Personal remittances from Overseas Filipinos (OFs) rose by 3.2% to US$3.43 billion in July 2024, compared to US$3.32 billion in July 2023.

The growth in cash remittances from the United States, Saudi Arabia, and the United Arab Emirates contributed significantly to the increase in remittances during this period. I Photo: Cash Mart

The increase in personal remittances in July 2024 was driven by higher remittances from land-based workers with contracts of one year or more, as well as from sea- and land-based workers with contracts of less than one year.

Cumulatively, remittances in the January-July 2024 period expanded by 3.0%, reaching US$21.53 billion, up from US$20.91 billion in the same period in 2023.

Cash remittances, which are sent through banks, reached US$3.08 billion in July 2024, a 3.1% increase from the US$2.99 billion posted in July 2023. This growth was also attributed to increased remittances from both land- and sea-based workers.

On a year-to-date basis, cash remittances grew by 2.9% to US$19.33 billion, up from US$18.79 billion in January-July 2023.

The growth in cash remittances from the United States, Saudi Arabia, and the United Arab Emirates contributed significantly to the increase in remittances during this period. The United States remained the largest source of remittances, followed by Singapore and Saudi Arabia.