Personal remittances from Overseas Filipinos increased by 4% in September 2022, due to an increase in worker receipts.
Personal remittances from Overseas Filipinos (OFs) reached $3.15 billion in September 2022, 4 percent higher than the $3.03 billion recorded in the same month last year.
As a result, cumulative remittances increased by 3.1 percent in the first three-quarters of 2022 to $26.49 billion, up from $25.70 billion in the same period in 2021.
The increase in personal remittances in September 2022 was due to remittances sent by:
1. Land-based workers with work contracts of one year or more
2. Sea- and land-based workers with work contracts of less than one year
Similarly, cash remittances through banks increased by 3.8 percent to $2.84 billion in September 2022, up from $2.74 billion recorded in the same month last year. Cash remittances totaled $23.83 billion in January-September 2022, up by 3.1 percent from $23.12 billion in the same period the previous year.
The increase in cash remittances in September 2022 was caused by an increase in receipts from both land-based and sea-based workers.
Cash remittances from the United States (US), Saudi Arabia, Singapore, and Qatar accounted for most of the increase in remittances in the first three quarters of 2022. Meanwhile, the US accounted for the largest share of total remittances in the first nine months of 2022 with 41.7 percent of the total remittances, followed by Singapore at 6.9 percent and Saudi Arabia at 5.9 percent.
Tags: #Remittances, #OFs, #Banks