Remittances reach $12B in 4 months

Apec’s economy grows 3.5 amid strong household spending
SunStar Business

MONEY sent home by overseas Filipinos in the first four months of the year grew 2.8 percent to $12.01 billion compared to the $11.68 billion recorded in the same period in 2023.

Personal remittances for April alone stood at $2.86 billion, up by 3.1 percent from $2.77 billion recorded in April 2023.

According to the Bangko Sentral ng Pilipinas, the increase in personal remittances in April 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.

Of the personal remittances from overseas Filipinos, cash remittances coursed through banks reached $2.56 billion in April 2024 from $2.48 billion posted in April 2023.

In the first four months of the year, cash remittances amounted to $10.78 billion, a 2.8 percent increase from the $10.49 billion registered in the same month last year.

The United States (US), Saudi Arabia and Singapore contributed mainly to the increase in remittances in the first four months of 2024. In terms of the countries where these remittances originated, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia. / KOC

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