Remittances hit $6.10 billion

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Business.(Business File photo)

PERSONAL remittances from overseas Filipinos workers (OFWs) grew by three percent to US$2.95 billion in February 2024 from $2.86 billion recorded in February 2023.

The increase in personal remittances 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.

Similarly, cumulative personal remittances increased by 2.8 percent to $6.10 billion in the first two months of the year from $5.93 billion recorded in the same period last year.

Of the personal remittances from OFWs, cash remittances coursed through banks reached $2.65 billion in February 2024, higher by three percent than the $2.57 billion posted in February 2023.

The expansion in cash remittances in February 2024 was due to growth in receipts from both land- and sea-based workers.

On a year-to-date basis, cash remittances rose by 2.8 percent to $5.48 billion in January-February 2024 from $5.33 billion registered in January-February 2023.

The growth in cash remittances from the United States (U.S.), Saudi Arabia, Singapore and the United Arab Emirates contributed mainly to the increase in remittances in January-February 2024.

In terms of country source, the U.S. had the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia and Japan. / PR

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