Data from the Bangko Sentral ng Pilipinas showed that overseas Filipinos sent $2.88 billion in May, up 3% from the $2.78 billion remitted in the same month last year.
The BSP attributed the increase to higher remittances from land-based workers with one year or more work contracts and sea- and land-based workers with less than one-year work contracts.
"The Philippine remittances from overseas workers have consistently been the fourth largest in the world after India, Mexico, and China, amounting to more than $40 billion per year -- a sign of resilience and has always been a growth driver for the Philippine economy for many years," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.
Personal remittances cover cash sent through banks and informal channels and also remittances in kind.
The BSP said cash remittances coursed through banks amounted to $2.58 billion in May 2024, up by 3.6% from the $2.49 billion recorded in May 2023.
"The expansion in cash remittances in May 2024 was due to growth in receipts from both land- and sea-based workers," it said.
For the first five months of the year, personal remittances amounted to $14.89 billion, up 3% from the previous year's $14.46 billion.
Cash remittances amounted to $13.37 billion, up 3% from the $12.98 billion registered in the same period last year.
The United States was the most significant source of remittances, followed by Singapore and Saudi Arabia.
Ricafort said the continued remittance growth is a "good signal for the overall economy."
Ricafort forecasts that the modest growth in remittances will continue in the coming months due to the economy's further reopening.
He added that since overseas Filipino workers' families still need to cope with relatively higher prices, sending more remittances would also be necessary.
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