OFW REMITTANCES. The Bangko Sentral ng Pilipinas (BSP) on Thursday night (Aug. 15, 2024) says cash remittances from overseas Filipinos coursed through banks reach USD16.25 billion in January to June this year. The amount was higher by 2.9 percent from last year's USD15.76 billion. (PNA file photo)
MANILA – Personal remittances from overseas Filipinos (OF) increased by 2.5 percent to USD3.21 billion in June this year, the Bangko Sentral ng Pilipinas (BSP) has said.
Data released by the BSP late Thursday showed that personal remittances amounted to USD3.21 billion in June from USD3.13 billion in the same month last year.
The BSP said the increase 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.
Personal remittances cover cash sent through banks and informal channels and also remittances in kind.
Cash remittances coursed through banks rose by 2.5 percent to USD2.88 billion in June from USD2.81 billion in the same month last year.
"The expansion in cash remittances in June 2024 was due to the growth in receipts from land- and sea-based workers," the central bank said.
For the first six months of the year, remittances from overseas Filipinos increased by 2.9 percent to USD18.10 billion from USD17.59 billion recorded in January to June 2023.
Of the total, cash remittances amounted to USD16.25 billion, up by 2.9 percent from the USD15.79 billion recorded last year.
The United States was the biggest source of remittances, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom. (PNA)
