Money sent home by Filipinos working abroad rose by 3.7 percent to US$2.88 billion in May 2024 from $2.78 billion recorded in the same period last year.
The increase in personal remittances in May was due to remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year, according to the Bangko Sentral ng Pilipinas.
Remittances in the first five months of the year already reached US$14.89 billion, up three percent from $14.46 billion in the same period in 2023.
The growth in cash remittances from the United States (US), Saudi Arabia and Singapore contributed mainly to the increase in remittances from January to May. In terms of countries of origin, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia. / KOC