Overseas Filipinos’ remittances up 3.3% to $3.2b in August

Cash remittances coursed through banks rose by 3.2% during the month.

Personal remittances of overseas Filipinos (OFs) rose by 3.3% year-on-year to $3.2b in August 2024, according to data from the Bangko Sentral ng Pilipinas (BSP).

This is higher than the $3.1b of remittances registered in August 2023.

Cumulative remittances in January to August 2024 is $24.74b, 3% YoY higher than the $24.01b reported in the first eight months of 2023.

Cash remittances sent through banks made up $2.89b of all personal remittances, a 3.2% YoY increase. This was buoyed by the growth of receipts from land and sea based workers, according to BSP.

Cash remittances from the United States, Saudi Arabia, United Arab Emirates, and Singapore contributed mainly to the rise of remittances in the first eight months of 2024.

Amongst markets, the US posted the largest share of overall cash remittances in January-August 2024, followed by Singapore and Saudi Arabia.

Follow the link for more news on

Bangko Sentral ng Pilipinas

Also Read

Taiwanese credit card balance at $3.49b in October

JCB expands payment options for UK travel application

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit