Remittances sent by overseas Filipinos (OFs) rose 3.1% in April to $2.86 billion from $2.77 billion recorded in the same month last year, data from the Bangko Sentral ng Pilipinas showed.
"The increase in personal remittances in April 2024 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," the central bank said in a statement on Monday.
Personal remittances cover cash sent through banks and informal channels and also remittances in kind.
Of the personal remittances from OFs, cash remittances coursed through banks reached $2.56 billion, up from the $2.48 billion recorded a year ago.
The BSP said the expansion was due to growth in receipts from both land- and sea-based workers.
For the first four months of the year, personal remittances grew by 2.8% to $12.01 billion from $11.68 billion recorded from January to April 2023.
Cash remittances amounted to $10.78 billion, a 2.8% increase from the $10.49 billion registered from January to April last year.
"The growth in cash remittances from the United States, Saudi Arabia, and Singapore contributed mainly to the increase in remittances in the first four months of 2024," the BSP said.
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