Overseas Filipino remittances continued to surge, with a 3.2% increase in September 2024, matching August's growth rate and marking the second-fastest pace this year.
The Bangko Sentral ng Pilipinas (BSP) reported that remittances reached $3.34 billion in September, up from $3.23 billion in the same month of 2023. This growth was primarily driven by increased remittances from land-based workers with one-year or longer contracts, as well as sea- and land-based workers with shorter contracts.
As a result, the total remittances for the first nine months of 2024 reached $28.07 billion, a 3% increase compared to the same period in 2023.
Key Contributors to Remittance Growth:
- United States: The largest contributor, accounting for 41.3% of total remittances.
- Singapore: Contributed 7% to the overall remittances.
- Saudi Arabia: Contributed 6.2% to the total.
- Japan: Contributed 4.9%.
- United Kingdom: Contributed 4.8%.
Cash Remittances:
Cash remittances, channeled through banks, reached $3.01 billion in September 2024, a 3.3% increase from the previous year. This brought the year-to-date total to $25.23 billion, a 3% growth from the same period in 2023.
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