OFW Remittances Rise by 2.5% in June 2024

Personal remittances from Overseas Filipinos (OFs) climbed by 2.5% in June 2024, reaching $3.21 billion, up from $3.13 billion in the same month last year, according to data released by the Bangko Sentral ng Pilipinas (BSP).

The increase was largely attributed to higher remittances sent by land-based workers with contracts lasting one year or more, as well as by sea- and land-based workers with shorter-term contracts.

For the first half of 2024, cumulative remittances totaled $18.1 billion, reflecting a 2.9% rise from the $17.59 billion recorded during the same period in 2023. The steady growth highlights the vital role that OFWs continue to play in supporting the Philippine economy.

Cash remittances, specifically those coursed through banks, also saw a 2.5% increase, amounting to $2.88 billion in June 2024 compared to $2.81 billion in June 2023.

The BSP noted that this growth was driven by both land- and sea-based workers who continue to send money back home despite global economic challenges.

On a year-to-date basis, cash remittances have grown by 2.9%, reaching $16.25 billion, up from $15.79 billion recorded in the first six months of 2023.

The growth in cash remittances from the United States (U.S.), Saudi Arabia, and Singapore contributed mainly to the increase in remittances in
January-June 2024. Meanwhile, in terms of country sources, the U.S. also posted the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.¹

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¹ There are some limitations on the remittance data by source. A common practice of remittance centers in various cities abroad is to course remittances through correspondent banks, most of which are located in the U.S. Also, remittances coursed through money couriers cannot be disaggregated by actual country source and are lodged under the country where the main offices are located, which, in many cases, is in the U.S. Therefore, the U.S. would appear to be the main source of OF remittances because banks attribute the origin of funds to the most immediate source. The countries are listed in order of their share of cash remittances, i.e., from highest to lowest.