MANILA – Despite the economic challenges facing the world, overseas Filipino workers (OFWs) have stepped up their financial support for their loved ones back home.
Data from the Bangko Sentral ng Pilipinas (BSP) shows personal remittances from OFWs rose 3.3% in August 2024 compared to the same month last year, reaching $3.2 billion. This growth was driven by increased remittances from both land-based workers with long-term contracts and sea- and land-based workers with short-term contracts.
Cash remittances coursed through banks also grew 3.2% year-over-year to $2.89 billion in August. For the first eight months of 2024, personal remittances climbed 3% to $24.74 billion, while cash remittances were up 2.9% to $22.22 billion.
“The expansion in personal remittances in August 2024 was due to higher 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,” the central bank said in a statement.
The United States remained the top source of remittances, followed by Singapore and Saudi Arabia. Inflows from these key corridors helped drive the overall increase in cash remittances during the January-August period.
The resilience of OFW remittances amid global economic headwinds underscores their critical role in supporting household incomes and fueling domestic consumption in the Philippines. As the country navigates uncertain times, the steady stream of funds from overseas Filipinos provides a vital lifeline for many families.
