Personal Remittances Reach $2.86-B In April

Personal remittances from Overseas Filipinos (OFs) grew by 3.1 percent to $2.86 billion in April 2024, up from $2.77 billion in April 2023.

Cash remittances coursed through banks reached $2.56 billion in April 2024, up from $2.48 billion in April 2023. I Photo: Expresspay E-Business Franchise

This increase is attributed to remittances from land-based workers with work contracts of one year or more, and sea- and land-based workers with work contracts of less than one year.

Cumulative personal remittances rose by 2.8 percent to $12.01 billion in January – April 2024, compared to $11.68 billion in the same period in 2023.

Cash remittances coursed through banks reached $2.56 billion in April 2024, up from $2.48 billion in April 2023, due to growth in receipts from both land- and sea-based workers.

Year-to-date, cash remittances for January – April 2024 amounted to $10.78 billion, a 2.8 percent increase from $10.49 billion in January – April 2023.

The growth in remittances from the United States, Saudi Arabia, and Singapore mainly contributed to this increase, with the U.S. having the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.