Remittances grow 2.5% in June

Remittances from overseas Filipinos saw a 2.5% increase in June 2024, reaching USD3.21 billion, according to the Bangko Sentral ng Pilipinas (BSP). This marks an improvement from the USD3.13 billion recorded in the same month last year.

The BSP attributed the growth to higher remittances from land-based workers with contracts of one year or more, as well as from sea- and land-based workers with shorter-term contracts. The report highlighted that both cash sent through formal banking channels and remittances in kind contributed to this increase.

Cash remittances processed through banks also rose by 2.5%, totaling USD2.88 billion in June, up from USD2.81 billion in June 2023. The central bank noted that this expansion was driven by the steady inflow of funds from both land- and sea-based workers.

For the first half of 2024, remittances reached USD18.10 billion, reflecting a 2.9% increase from the USD17.59 billion recorded during the same period last year. Of this amount, cash remittances accounted for USD16.25 billion, also up by 2.9% compared to the previous year.

The United States remained the largest source of remittances, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom. The continued growth in remittances underscores the vital role of overseas Filipino workers in supporting the Philippine economy.