OFW Remittances Hit $2.88 Billion In May

Personal remittances from Overseas Filipinos (OFs) rose by 3.7 percent to US$2.88 billion in May 2024, compared to US$2.78 billion recorded in May 2023.

On a year-to-date basis, January to May 2024 cash remittances increased by 3.0 percent, totaling US$13.37 billion.

The increase in personal remittances in May 2024 was attributed 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.

Consequently, cumulative personal remittances for January to May 2024 increased by 3.0 percent, reaching US$14.89 billion, up from US$14.46 billion in the same period in 2023.

Of the personal remittances from OFs, cash remittances coursed through banks amounted to US$2.58 billion in May 2024, marking a 3.6 percent increase from the US$2.49 billion posted in May 2023.

The growth in cash remittances in May 2024 was driven by an increase in receipts from both land- and sea-based workers.

On a year-to-date basis, January to May 2024 cash remittances increased by 3.0 percent, totaling US$13.37 billion, compared to US$12.98 billion registered in the same period in 2023.

The growth in cash remittances from the United States (U.S.), Saudi Arabia, and Singapore mainly contributed to the overall increase in remittances from January to May 2024.

In terms of countries of origin, the U.S. had the highest share of overall remittances during this period, followed by Singapore and Saudi Arabia.