In a statement, the Bangko Sentral ng Pilipinas said this growth was primarily driven by higher remittances from land-based workers with contracts of one year or more, as well as sea- and land-based workers with shorter contracts.
The upward trend reflects the traditional June rise in remittances — following annual dips during the April and May months — driven by Filipino workers supporting their families during mid-year school preparations and other financial obligations back home.
The rise in remittances has brought the cumulative total for the first six months of 2024 to $18.1 billion, a 2.9% increase from $17.59 billion during the same period in 2023.
Cash remittances, which were funneled through banks, also saw a 2.5% increase in June 2024, reaching $2.88 billion, compared to $2.81 billion in June 2023.
The growth was largely supported by remittances from the United States, Saudi Arabia, and Singapore, with the US remaining the largest source.
