QUICK LOOK: Dollar remittances grew 2.7% in Oct; now over $31B year-to-date
December 16, 2024
5:56PM PHT
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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 .
