Personal remittances from Overseas Filipinos (OFs) increased by 3.1 percent to US$3.33 billion in October 2023 from US$3.23 billion in the same month last year.
The growth in personal remittances during the month was driven by increased 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.
This resulted in total personal remittances rising by 2.9 percent to US$30.57 billion in the first ten months of 2023 from US$29.72 billion recorded in the comparable period in 2022.
Out of the personal remittances, cash remittances from OFs that were coursed through banks rose by 3.0 percent to US$3.00 billion in October 2023 from US$2.91 billion in the same month last year. The growth in cash remittances in October 2023 was primarily due to increased receipts from both land- and sea-based workers.
On a year-to-date basis, cash remittances increased to US$27.49 billion for the first ten months of 2023, higher by 2.8 percent than the year-ago level of US$26.74 billion.
The growth in cash remittances from the United States (U.S.), Saudi Arabia, and Singapore contributed mainly to the increase in remittances in the first ten months of 2023. In terms of the countries where these remittances originate, the U.S. had the highest share of overall remittances during the period, followed by Singapore, and Saudi Arabia.[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.