This rise is attributed to higher 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 the January to May 2024 period totaled $14.89 billion, up 3% from $14.46 billion in the same period last year.
Cash remittances channeled through banks also saw a 3.6% increase, amounting to $2.58 billion in May 2024.
The growth in remittances was primarily driven by contributions from the United States, Saudi Arabia, and Singapore.
The steady increase in funds sent home by expatriate Filipinos continues to play a crucial role in supporting the Philippine economy, particularly in terms of household spending and investment.
