BUSINESS
Advocates Philippines
Remittances From Overseas Filipinos Reach US$2.78 Billion In May 2023
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Personal remittances from Overseas Filipinos (OFs) experienced a positive growth, reaching US$2.78 billion in May 2023. This represents a 2.9 percent increase compared to the US$2.70 billion recorded in the same month the previous year. The rise in remittances was attributed to higher amounts sent by both land-based workers with contracts lasting one year or more and sea- and land-based workers with contracts of less than one year.
As a result, personal remittances for the first five months of 2023 grew by 3.1 percent, totaling US$14.46 billion, in comparison to the US$14.02 billion posted during the same period in 2022. Out of the total personal remittances received, cash remittances transmitted through banks rose by 2.8 percent, amounting to US$2.49 billion in May 2023, as opposed to the US$2.43 billion recorded in May of the previous year. The expansion in cash remittances during May 2023 can be attributed to increased receipts from both land-based and sea-based workers.
On a year-to-date basis, cash remittances reached US$12.98 billion, reflecting a 3.1 percent growth compared to the US$12.59 billion recorded during the same period the previous year. The increase in cash remittances was primarily driven by contributions from the United States (U.S.), Singapore, and Saudi Arabia. These countries played a significant role in boosting remittances during the first five months of 2023. In terms of country sources, the U.S. held the largest share of overall remittances during this period, followed by Singapore, Saudi Arabia, and Japan.
As a result, personal remittances for the first five months of 2023 grew by 3.1 percent, totaling US$14.46 billion, in comparison to the US$14.02 billion posted during the same period in 2022. Out of the total personal remittances received, cash remittances transmitted through banks rose by 2.8 percent, amounting to US$2.49 billion in May 2023, as opposed to the US$2.43 billion recorded in May of the previous year. The expansion in cash remittances during May 2023 can be attributed to increased receipts from both land-based and sea-based workers.
On a year-to-date basis, cash remittances reached US$12.98 billion, reflecting a 3.1 percent growth compared to the US$12.59 billion recorded during the same period the previous year. The increase in cash remittances was primarily driven by contributions from the United States (U.S.), Singapore, and Saudi Arabia. These countries played a significant role in boosting remittances during the first five months of 2023. In terms of country sources, the U.S. held the largest share of overall remittances during this period, followed by Singapore, Saudi Arabia, and Japan.
Jul 17, 2023
