Personal remittances from Overseas Filipinos (OFs) rose by 3.7 percent to $2.88 billion in May 2024 from $2.78 billion recorded in May 2023.

The increase in personal remittances in May was due to 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.

Consequently, cumulative personal remittances in January to May 2024 increased by 3 percent to reach $14.89 billion from $14.46 billion in January ? May 2023.

Of the personal remittances from OFs, cash remittances coursed through banks amounted to $2.58 billion in May , higher by 3.6 percent than the $2.49 billion posted in May 2023. The expansion in cash remittances in May was due to growth in receipts from both land- and sea-based workers.

On a year-to-date basis, January ? May 2024 cash remittances increased by 3 percent to S$13.37 billion from $12.98 billion registered in January ? May 2023.

The growth in cash remittances from the United States , Saudi Arabia, and Singapore contributed mainly to the increase in remittances in January - May 2024. In terms of countries of origin, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia. Bangko Sentral ng Pilipinas