Pinoy sea-based remittances rise 0.9% year-on-year July 2023-July 2024

Personal Remittances Up by 3.2 Percent YoY in July 2024; January to July 2024 Remittances Reach US$21.5 Billion
September 16, 2024 https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=...

​Personal remittances from Overseas Filipinos (OFs) rose by 3.2 percent to US$3.43 billion in July 2024 from US$3.32 billion registered in July 2023. The increase in personal remittances in July 2024 was due to higher remittances from 1) land-based workers with work contracts of one year or more and 2) sea- and land-based workers with work contracts of less than one year.

Correspondingly, cumulative remittances in January-July 2024 expanded by 3.0 percent to US$21.53 billion from US$20.91 billion recorded in January-July 2023.

Of the personal remittances from OFs, cash remittances, which were coursed through banks, reached US$3.08 billion in July 2024, higher by 3.1 percent than the US$2.99 billion posted in July 2023. The expansion in cash remittances in July 2024 was due to the growth in receipts from land- and sea-based workers.

On a year-to-date basis, cash remittances grew by 2.9 percent to US$19.33 billion from US$18.79 billion registered in January-July 2023.

​The growth in cash remittances from the United States (U.S.), Saudi Arabia, and United Arab Emirates contributed mainly to the increase in remittances in January-July 2024. Meanwhile, in terms of country sources, the U.S. also posted the highest share of overall remittances in January-July 2024, followed by Singapore and Saudi Arabia.1