OFW remittances rise by 2.7% in October 2024, total hits $3.42 billion

MANILA, Philippines — Personal remittances from Overseas Filipino Workers grew by 2.7% in October 2024, reaching $3.42 billion(P200,848,025,034.00), according to the latest data from the Bangko Sentral ng Pilipinas. 

The current remittance print was higher than September's $3.34 billion and higher than the $3.33 billion in October last year, 

The central bank attributed the higher remittances from both land-based and sea-based workers.

For the first ten months of the year, cumulative remittances increased by 3.0%, reaching $31.49 billion, compared to $30.57 billion during the same period in 2023.

Of the total personal remittances, cash remittances sent through banks amounted to $3.08 billion in October 2024, reflecting a 2.7% increase from $3 billion in October 2023.

On a year-to-date basis, cash remittances increased by 3.0%, totaling $28.30 billion from January to October 2024, compared to $27.49 billion during the same period last year, according to the central bank.

The growth in cash remittances was driven by increases from major sources, including the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE)

The U.S. remained the largest source of overall cash remittances during the January-October 2024 period, followed by Singapore and Saudi Arabia.