In November 2022, there has been an increase in personal remittances from overseas Filipinos, which is more than the same month the previous year.
Overseas Filipinos' (OFs') personal remittances of land and sea-based workers increased by 5.8 percent to $2.93 billion in November 2022 from $2.77 billion the previous year. in the same month the previous year.
Cumulative personal remittances increased by 3.4 percent or $32.65 billion in the first eleven months of 2022, from $31.59 billion in the comparable period in 2021.
In November 2022, cash remittances from OFs totaled $2.64 billion through banks, which is up by 5.7 percent from the $2.50 billion recorded in the same month in 2021. The expansion in cash remittances in November 2022 was due to an increase in receipts from both land- and sea-based workers.
On a year-to-date basis, cash remittances through banks from January through November 2022 totaled $29.38 billion, which is 3.3 percent more than the same period last year when it totaled $28.43 billion.
The growth in remittances from January to November 2022 was primarily driven by the growth in cash transfers from the United States (US), Saudi Arabia, Singapore, and Qatar. In terms of country sources, the US recorded the highest overall remittance share in the first eleven months of 2022 with 41.4 percent, followed by Singapore with 6.9 percent and Saudi Arabia with 5.8 percent.
Tags: #OFW, #Remittances