OFW remittances hit $3.34 billion in September 2024
MANILA, Philippines — Personal remittances from overseas Filipino workers (OFWs) grew by 3.3% year-on-year to $3.34 billion in September 2024, the Bangko Sentral ng Pilipinas (BSP) reported on Friday, November 15.
In August 2024, OFW remittances were recorded at $3.20 billion.
“Personal remittances from Overseas Filipinos grew by 3.3% to US$3.34 billion in September 2024 from the US$3.23 billion registered in September 2023,” the BSP said in a statement.
The BSP said there were higher remittances from land-based workers with work contracts of one year or more, as well as sea- and land-based workers with contracts less than one year.
Cash remittances coursed through banks reached $3.01 billion in September 2024.
This represents a 3.3% increase compared to the $2.91 billion recorded in September 2023.
The increase was attributed to higher remittances from land- and sea-based workers.
“On a year-to-date basis, cash remittances rose by 3.0 percent to US$25.23 billion in January-September 2024 from the US$24.49 billion registered in January-September 2023,” the BSP said.
The central bank reported a growth in remittances from the United States, Saudi Arabia, Singapore and the United Arab Emirates.
Here are the countries with the highest cash remittances:
- United States: 41.3%
- Singapore: 7.0%
- Saudi Arabia: 6.2%
- Japan: 4.9%
- United Kingdom: 4.8%
- UAE: 4.3%
- Canada: 3.5%
- Qatar: 3.5%
- Taiwan: 2.5%
- South Korea: 2.5%
- Others: 19.9%
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