Remittances from overseas Filipinos (OFs) increased in June compared to the same month of previous year, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.

According to the BSP, "personal remittances from overseas Filipinos rose by 2.5 percent to $3.21 billion in June from $3.13 billion registered in June 2023".

The BSP noted that the increase in personal remittances in June 2024 was "due to higher remittances sent by 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."

"This expanded the cumulative remittances in January-June 2024 by 2.9 percent to $18.10 billion from $17.59 billion recorded in January-June 2023," it stated.

Of the personal remittances from overseas Filipinos, BSP said that "cash remittances coursed through banks reached $2.88 billion in June 2024, higher by 2.5 percent than the $2.81 billion posted June 2023."

"The expansion in cash remittances in June 2024 was due to the growth in receipts from land- and sea-based workers. On a year-to-date basis, cash remittances grew by 2.9 percent to $16.25 billion from $15.79 billion registered in January-June 2023," said BSP.

"The growth in cash remittances from the United States, Saudi Arabia, and Singapore contributed mainly to the increase in remittances in January-June 2024. Meanwhile, in terms of country sources, the US also posted the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia," it added. Robina Asido/DMS