Personal remittances from Overseas Filipinos (OFs) reached $3.23 billion in October 2022, higher by 3.5 percent than the $3.12 billion registered in the same month last year, Bangko Sentral ng Pilipinas said.
“The increase in personal remittances in October 2022 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 work contracts of less than one year,” BSP said.
Consequently, cumulative personal remittances grew by 3.1 percent to $29.72 billion in the first ten months of 2022 from $28.82 billion recorded in the comparable period in 2021.
Of the personal remittances from OFs, cash remittances coursed through banks increased by 3.5 percent to $2.91 billion in October 2022 from $2.81 billion registered in the same month in 2021.
The expansion in cash remittances in October 2022 was due to the growth in receipts from land-based and sea-based workers.
On a year-to-date basis, cash remittances in January-October 2022 amounted to $26.74 billion, 3.1 percent higher than the year-ago level of $25.93 billion.
The growth in cash remittances from the US, Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances in January-October 2022.
Meanwhile, in terms of country sources, the US posted the highest share of overall remittances in the first ten months of 2022, followed by Singapore and Saudi Arabia.
