QUICK LOOK: Dollar remittances grew 2.7% in Oct; now over $31B year-to-date

Year-on-year growth: Personal remittances from overseas Filipinos rose by 2.7 percent in October 2024, reaching $3.42 billion compared to $3.33 billion in October 2023.

• Cumulative increase: Year-to-date remittances (January–October 2024) grew by 3 percent to $31.49 billion, up from $30.57 billion during the same period in 2023.
  
  
• Cash remittances: Money sent through banks increased by 2.7 percent in October 2024, reaching $3.08 billion. Year-to-date cash remittances totaled $28.30 billion, up 3 percent from the previous year.
  
  
• Major sources: The growth in cash remittances was primarily driven by contributions from the United States, Saudi Arabia, Singapore, and the United Arab Emirates, with the U.S. holding the largest share.
  
  
• Economic impact: The consistent rise in remittances underscores their vital role in supporting household spending and sustaining economic growth in the Philippines .