Cash despatched dwelling by Filipinos abroad grew 3.2 p.c in September, the identical tempo seen in August and the second-fastest to this point this yr.
Knowledge launched by the Bangko Sentral ng Pilipinas (BSP) on Friday confirmed that remittances reached $3.34 billion in the course of the month, larger than the $3.23 billion seen in September of 2023.
READ: Remittances from OFWs up anew in August
“The enlargement in private remittances in September 2024 was as a result of larger remittances from land-based employees with work contracts of 1 yr or extra and sea- and land-based employees with work contracts of lower than one yr,” the nation’s central financial institution mentioned in an announcement.
The most recent posting introduced the entire quantity of remittances from January to September to $28.07 billion, marking a 3-percent progress from the $27.24 billion in the identical nine-month interval final yr.
Important contributors
BSP knowledge additionally confirmed that remittances from the USA, Saudi Arabia, Singapore, and the United Arab Emirates have been the principle contributors in the course of the interval.
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The USA accounted for the biggest share of total money remittances in the course of the month, with a 41.3-percent share.
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It was adopted by Singapore’s 7 p.c, Saudi Arabia’ 6.2 p.c, Japan’s 4.9 p.c, and the UK’s 4.8 p.c.
Of the private remittances, money remittances coursed by way of banks reached $3.01 billion, registering a 3.3-percent improve from the $2.91 billion in September 2023.
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The inflow of money remittances in the course of the month introduced the year-to-date quantity to $25.23 billion, marking a 3-percent progress from the $24.49 billion tallied from January to September 2023.
In a commentary, Rizal Industrial Banking Corp. (RCBC) chief economist Michael Ricafort characterised the continued progress as a “good sign” and a “brilliant spot” for the nation’s total economic system.
Remittances have been an vital progress driver, particularly by way of shopper spending, which he mentioned accounts for a minimum of 70 p.c of the Philippine economic system.
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“Philippine remittances from abroad employees have constantly been the fourth largest on the earth after India, Mexico and China, amounting to greater than $40 billion per yr, an indication of resilience and has all the time been a brilliant spot [and] main progress driver for the Philippine economic system for a few years,” Ricafort mentioned.
