Trust Filipinos abroad to prioritize the needs of their families back home.
In June, overseas Filipinos sent more money to the Philippines, with the Bangko Sentral ng Pilipinas (BSP) reporting a 2.5% increase in personal remittances to $3.21 billion from $3.13 billion in the same month last year, in time for school enrollment.
The BSP said the increase was due to higher remittances sent by land-based workers with work contracts of one year or more and sea- and land-based workers with less than one year work contracts.
Personal remittances cover cash sent through banks and informal channels and also remittances in kind.
Cash remittances coursed through banks rose by 2.5 percent to USD2.88 billion in June from USD2.81 billion in the same month last year.
"The expansion in cash remittances in June 2024 was due to the growth in receipts from land- and sea-based workers," the central bank said.
For the first six months of the year, remittances from overseas Filipinos increased by 2.9% to $18.10 billion, up from $17.59 billion recorded from January to June 2023.
Cash remittances amounted to $16.25 billion, up by 2.9% from the $15.79 billion recorded last year.
The United States was the most significant source of remittances, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom.
Comments