Remittances from Overseas Filipinos (OFs) increased by 3.2% in July 2024, reaching $3.43 billion, up from $3.32 billion in July 2023.
The growth in remittances is attributed to higher inflows from land-based workers with contracts of one year or more, as well as sea- and land-based workers with contracts of less than a year.
From January to July 2024, total remittances grew by 3.0%, amounting to $21.53 billion, compared to $20.91 billion recorded in the same period in 2023.
Of the total personal remittances, cash remittances—those sent through banks—reached $3.08 billion in July 2024, marking a 3.1% increase from the $2.99 billion recorded in July 2023.
This rise in cash remittances is due to the continued growth in inflows from both land-based and sea-based workers.
On a year-to-date basis, cash remittances increased by 2.9%, totaling $19.33 billion from January to July 2024, up from $18.79 billion recorded during the same period in 2023.