Cash remittances from the US, Saudi Arabia, and the UAE grew.

Cash remittances from the US, Saudi Arabia, and the UAE grew.

The personal remittances of Overseas Filipinos (OFs) rose by 3.2% to $3.43b in July 2024 compared to a month earlier, according to data from the Bangko Sentral ng Pilipinas (BSP).

The Philippines received higher remittances from land-based workers overseas, the BSP said.

Growth in cash remittances from the US, Saudi Arabia, and the UAE contributed to the increase in remittances in January-July 2024.

Cumulative remittances in the first seven months of 2024 is $21.53b, 3% higher than the same period in 2023.

Cash remittances from OFs reached $3.08b in July, 3.1% higher than the same month in 2023, thanks to the growth in receipts from land- and sea-based workers.

For the seventh month period, cash remittances are 2.9% higher at $19.33b versus the January-July 2023 period.

In terms of country sources, the US also posted the highest share of overall remittances in January-July 2024, followed by Singapore and Saudi Arabia.