Adobe Stock photo

Expat Filipino dollar remittances up 3.1% in seasonally weak April

June 17, 2024
9:46AM PHT

Dollars sent home by overseas Filipinos increased by 3.1% to $2.86 billion in April 2024, up from $2.77 billion during the same month last year — growing marginally for at least the third year in a row now during the traditionally weak month for remittances.

In a statement, the Bangko Sentral ng Pilipinas said the rise is attributable to remittances from both land-based workers with contracts of one year or more and sea- and land-based workers with shorter contracts.

Cumulative personal remittances for January to April 2024 also rose by 2.8% to $12.01 billion from $11.68 billion in the same period in 2023.

April has always been a week month for remittances from Filipinos based or working overseas. (Source: BSP)

Cash remittances through banks reached $2.56 billion in April 2024, marking a 3.2% increase from April 2023’s $2.48 billion.

Year-to-date cash remittances amounted to $10.78 billion, up 2.8% from $10.49 billion in the previous year.

The growth was mainly driven by remittances from the United States, Saudi Arabia, and Singapore, with the US holding the highest share of overall remittances during this period.

Featured News
Explore the latest news from InsiderPH
Wednesday, 17 July 2024
Insight to the one percent
© 2024 InsiderPH, All Rights Reserved.