Personal remittances from Overseas Filipinos (OFs) grew by 3.3 percent to $3.20 billion in August from $3.10 billion registered in August 2023.

The expansion in personal remittances in August was due to higher remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.

Correspondingly, cumulative remittances in January-August increased by 3 percent to $24.74 billion from $24.01 billion recorded in January-August 2023.

Of the personal remittances from OFs, cash remittances, which were coursed through banks, reached $2.89 billion in August, higher by 3.2 percent than the $2.80 billion posted in August 2023. The growth in cash remittances in August was due to the growth in receipts from land- and sea-based workers.

On a year-to-date basis, cash remittances rose by 2.9 percent to $22.22 billion in January-August 2024 from $21.58 billion registered in January-August 2023.

The growth in cash remittances from the United States, Saudi Arabia, United Arab Emirates, and Singapore contributed mainly to the increase in remittances in January-August.

Meanwhile, in terms of country sources, the US also posted the largest share of overall cash remittances in January-August 2024, followed by Singapore and Saudi Arabia. Bangko Sentral ng Pilipinas