Overseas Filipino remittances maintain strong momentum, hit $18.8 billion in seven months

Overseas Filipinos sent a total of $18.785 billion in cash remittances during the first seven months of the year, representing a 2.9 percent increase compared to the same period the previous year, according to a report by the Bangko Sentral ng Pilipinas (BSP).

 Formal banking channels reported an even more significant uptick, with cash remittances rising by 18.94 percent from the end of June to $15.793 billion.

The growth rate remained steady at 2.9 percent year-on-year, signifying a consistent flow of US dollars sent by overseas Filipinos to their families in the Philippines.

 The majority of cash remittances, accounting for 41.3 percent, came from Filipinos based in the United States. Other contributions came from Singapore (6.9 percent), Saudi Arabia (5.9 percent), Japan (five percent), and the United Kingdom (4.8 percent).

In July alone, cash remittances amounted to $2.992 million, marking a 2.6 percent increase from the same month the previous year. This growth was driven by higher receipts from both land-based and sea-based workers, with land-based workers sending $2.43 billion (up 2.7 percent year-on-year) and sea-based workers sending $560 million (a 1.9 percent increase).

Personal remittances, which include an overseas Filipino’s net compensation and are not captured by the banking system, reached $20.911 billion by the end of July, reflecting a 2.9 percent increase compared to the same period in 2022.