Remittances from overseas Filipinos (OFs) in October 2024 grew by 2.7 percent to $3.42 billion from $3.33 billion in the same month last year, the Bangko Sentral ng Pilipinas (BSP) reported Monday.

The BSP said personal remittances from land- and sea-based overseas Filipino workers expanded in October.

The growth in OF remittances in October boosted the 10-month remittances for the year to $31.49 billion, 3 percent higher than the $30.57 billion level in January to October 2023.

“Of the personal remittances from OFs, cash remittances coursed through banks reached $3.08 billion in October 2024, higher by 2.7 percent than the $3 billion posted in October 2023.,” the central bank said.

For the first 10 months of the year, cash remittances increased by 3 percent to $28.3 billion from $27.49 billion in the same period last year.

“The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates contributed mainly to the increase in remittances in January-October 2024. Meanwhile, in terms of country sources, the U.S. accounted for the largest share of overall cash remittances in January-October 2024, followed by Singapore and Saudi Arabia,” the BSP added. 

PNA PHOTO