Remittances reach $9.2 billion in first quarter of 2024

Personal remittances from Overseas Filipinos (OFs) rose by 2.6 percent to US$3.05 billion in March 2024 from US$2.97 billion recorded in March 2023. The increase in personal remittances in March 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.

For Q1 2024, personal remittances increased by 2.8 percent to US$9.15 billion from US$8.90 billion in Q1 2023.

Of the personal remittances from OFs, cash remittances coursed through banks amounted to US$2.74 billion in March 2024 from US$2.67 billion posted in March 2023 or an annual increase of 2.5 percent. The expansion in cash remittances in March 2024 was due to growth in receipts from both land- and
sea-based workers.

On a year-to-date basis, Q1 2024 cash remittances amounted to US$8.22 billion, higher by 2.7 percent than the US$8.00 billion registered in Q1 2023.

The growth in cash remittances from the United States (U.S.), Saudi Arabia, United Arab Emirates (U.A.E.), and Singapore contributed mainly to the increase in remittances in Q1 2024. In terms of the countries where these remittances originated, the U.S. had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.