Personal remittances from Overseas Filipinos (OFs) grew by 3.0 percent to US$2.95 billion in February 2024 from US$2.86 billion recorded in February 2023. The increase in personal remittances in February 2024 was due to remittances from 1) land-based workers with work contracts of one year or more and 2) sea- and land-based workers with work contracts of less than one year.
Similarly, cumulative personal remittances increased by 2.8 percent to US$6.10 billion in January-February 2024 from US$5.93 billion recorded in January-February 2023.
Of the personal remittances from OFs, cash remittances coursed through banks reached US$2.65 billion in February 2024, higher by 3.0 percent than the
US$2.57 billion posted in February 2023. The expansion in cash remittances in February 2024 was due to growth in receipts from both land- and sea-based workers.
On a year-to-date basis, cash remittances rose by 2.8 percent to US$5.48 billion in January-February 2024 from US$5.33 billion registered in January-February 2023.
The growth in cash remittances from the United States (U.S.), Saudi Arabia, Singapore, and the United Arab Emirates (U.A.E.) contributed mainly to the increase in remittances in January-February 2024. In terms of country source, the U.S. had the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan.[1]
[1] There are some limitations on the remittance data by source. A common practice of remittance centers in various cities abroad is to course remittances through correspondent banks, most of which are located in the U.S. Also, remittances coursed through money couriers cannot be disaggregated by actual country source and are lodged under the country where the main offices are located, which, in many cases, is in the U.S. Therefore, the U.S. would appear to be the main source of OF remittances because banks attribute the origin of funds to the most immediate source. The countries are listed in order of their share of cash remittances, i.e., from highest to lowest.
