Cash despatched residence by Filipinos abroad grew 3.2 p.c in September, the identical tempo seen in August and the second-fastest thus far this yr.
Information launched by the Bangko Sentral ng Pilipinas (BSP) on Friday confirmed that remittances reached $3.34 billion through the month, larger than the $3.23 billion seen in September of 2023.
READ: Remittances from OFWs up anew in August
“The growth in private remittances in September 2024 was because of larger remittances from land-based staff with work contracts of 1 yr or extra and sea- and land-based staff with work contracts of lower than one yr,” the nation’s central financial institution mentioned in an announcement.
The most recent posting introduced the whole quantity of remittances from January to September to $28.07 billion, marking a 3-percent development from the $27.24 billion in the identical nine-month interval final yr.
Foremost contributors
BSP information additionally confirmed that remittances from the US, Saudi Arabia, Singapore, and the United Arab Emirates have been the principle contributors through the interval.
Article continues after this commercial
America accounted for the biggest share of general money remittances through the month, with a 41.3-percent share.
Article continues after this commercial
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.
READ: BSP: College reopenings lifted remittances in August
The inflow of money remittances through the month introduced the year-to-date quantity to $25.23 billion, marking a 3-percent development from the $24.49 billion tallied from January to September 2023.
In a commentary, Rizal Business Banking Corp. (RCBC) chief economist Michael Ricafort characterised the continued development as a “good sign” and a “vivid spot” for the nation’s general financial system.
Remittances have been an vital development driver, particularly when it comes to client spending, which he mentioned accounts for at the very least 70 p.c of the Philippine financial system.
Your subscription couldn’t be saved. Please attempt once more.
Your subscription has been profitable.
“Philippine remittances from abroad staff have constantly been the fourth largest on this planet after India, Mexico and China, amounting to greater than $40 billion per yr, an indication of resilience and has at all times been a vivid spot [and] main development driver for the Philippine financial system for a few years,” Ricafort mentioned.
