Remittances rise 3.1% in October

Personal remittances from overseas Filipinos 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.