Personal remittances of Overseas Filipinos (OFs) rose by 3,1 percent in the 10 month period of 2022 versus that of the same period last year hitting $29.72 billion.
The cumulative (10-months) personal remittances of overseas Filipinos hit $29.72 billion, up by 3.1 percent over that of the same period last year of $28.82 billion.
In October 2022, the OF remittances reached $3.23 billion, slightly higher or by 3.5 percent than the $3.12 billion posed in the same month last year. The increase in OF remittances for October came from land-based workers with work contracts of one year or more and sea-based and land-based workers with contracts of less than one year.
Of the personal remittances from OFs, cash remittances coursed through banks increased by 3.5 percent to US$2.91 billion in October 2022 from US$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, the Bangko Sentral said in a press release..
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 United States (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.
Tags: #OFremittances, #BSP, #landandseabasedworkers