Personal remittances from Overseas Filipinos (OFs) increased by 2.8 percent, reaching US$3.10 billion in August 2023, up from US$3.02 billion in the same month of the previous year, as reported by the Bangko Sentral ng Pilipinas.
The growth in personal remittances in August 2023 was propelled by increased remittances from two categories. I Photo: Robinsons Novaliches (Quezon City, Philippines)
The growth in personal remittances in August 2023 was propelled by increased remittances from two categories: 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.
Similarly, the total amount of personal remittances from OFs in the first eight months of 2023 reached US$24.01 billion, representing a 2.9 percent increase from US$23.34 billion in the same period in 2022.
Of the personal remittances, cash remittances sent through banks grew by 2.7 percent in August 2023 to US$2.80 billion, up from US$2.72 billion in the same month the previous year.
The growth in cash remittances during the month was primarily due to increased receipts from both land- and sea-based workers.
On a year-to-date basis, cash remittances for the first eight months of 2023 amounted to US$21.58 billion, marking a 2.8 percent increase from the US$20.99 billion in the same period a year ago.
The growth in cash remittances from the United States (U.S.), Saudi Arabia, and Singapore contributed significantly to the increase in remittances in the first eight months of 2023.
In terms of the countries from which these remittances originate, the U.S. had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.