Expat Filipino dollar remittances up 3.1% in seasonally weak April

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.

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.