This steady growth is largely driven by land-based workers with long-term contracts, as well as sea- and land-based workers with shorter-term contracts, the Bangko Sentral ng Pilipinas said in a statement on Monday.
From January to July 2024, cumulative remittances reached $21.5 billion, reflecting a 3-percent increase compared to $20.91 billion in the same period in 2023.
Cash remittances, which are sent through banks, also increased by 3.1 percent year-on-year in July, reaching $3.08 billion, driven by higher remittances from both land- and sea-based workers.
This steady pace of growth has been a consistent feature of remittance inflows to the Philippines despite global economic challenges.
Countries like the United States, Saudi Arabia, and the United Arab Emirates remain the top sources of remittances, with the US accounting for the largest share.
The resilience of remittance flows continues to play a crucial role in supporting household consumption and the broader Philippine economy, reinforcing its stability in uncertain times.
