Data from the Bangko Sentral ng Pilipinas (BSP) showed a 3.2-percent increase in cash remittances, reaching $2.89 billion compared to $2.80 billion in August 2023.
From January to August 2024, total cash remittances rose by 2.9 percent to $22.22 billion, slightly higher than the $21.58 billion recorded during the same period in 2023.
Personal remittances, which include both cash transfers and in-kind contributions, increased by 3.3 percent year-on-year in August 2024, reaching $3.2 billion.
Since the start of 2024, expatriate Filipinos working or living around the world have sent home a total of $24.7 billion.
The incremental growth reflects the consistent flow of remittances from both land-based workers with long-term contracts and sea- and land-based workers with shorter engagements.
The slow but steady rise highlights the vital role of OFW remittances in supporting household spending and contributing to the Philippine economy’s stability.
The United States, Saudi Arabia, the United Arab Emirates, and Singapore remained key sources of inflows, with the US accounting for the largest share due to the common practice of routing remittances through correspondent banks there.
While growth remains modest, the consistent upward trend indicates the strength of remittances amid challenges in the global economy.
The BSP emphasized that remittances will continue to play a significant role in boosting domestic consumption, which is critical to the country’s economic growth.
This steady increase in remittances provides a lifeline to many Filipino families, sustaining household finances and bolstering demand across key sectors.
