Cash despatched house by Filipinos abroad grew 3.2 p.c in September, the identical tempo seen in August and the second-fastest to date this yr.
Information launched by the Bangko Sentral ng Pilipinas (BSP) on Friday confirmed that remittances reached $3.34 billion in the course of the month, larger than the $3.23 billion seen in September of 2023.
READ: Remittances from OFWs up anew in August
“The enlargement in private remittances in September 2024 was resulting from larger remittances from land-based employees with work contracts of 1 yr or extra and sea- and land-based employees with work contracts of lower than one yr,” the nation’s central financial institution mentioned in an announcement.
The most recent posting introduced the overall 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.
Predominant contributors
BSP information additionally confirmed that remittances from the USA, Saudi Arabia, Singapore, and the United Arab Emirates had been the primary contributors in the course of the interval.
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The USA accounted for the most important share of general money remittances in the course of the month, with a 41.3-percent share.
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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 means 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 in the course of 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 Industrial Banking Corp. (RCBC) chief economist Michael Ricafort characterised the continued development as a “good sign” and a “vibrant spot” for the nation’s general economic system.
Remittances had been an essential development driver, particularly by way of shopper spending, which he mentioned accounts for at the very least 70 p.c of the Philippine economic system.
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“Philippine remittances from abroad employees have constantly been the fourth largest on the 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 vibrant spot [and] main development driver for the Philippine economic system for a few years,” Ricafort mentioned.
