Philippine remittances see 3.3 percent surge in August
Date
10/15/2024 7:47:42 AM
(MENAFN) In August 2024, personal remittances from overseas Filipinos amounted to USD3.20 billion, reflecting a 3.3 percent increase compared to the USD3.10 billion reported in the same month the previous year, according to the Philippine central bank. The Bangko Sentral ng Pilipinas (BSP) highlighted that cumulative personal remittances from January to August 2024 also rose by 3 percent, totaling USD24.74 billion, up from USD24.01 billion during the same period in 2023.
The BSP noted that the significant growth in cash remittances was primarily driven by contributions from the United States, Saudi Arabia, the United Arab Emirates, and Singapore. These countries continue to be key sources of financial support for Filipino families back home, underscoring the importance of overseas Filipino workers in sustaining the Philippine economy.
Personal remittances are a crucial source of foreign exchange inflows for the Philippines, which ranks among the top 10 countries globally in terms of remittance receipts. With an estimated 10 million Filipinos residing overseas, their financial contributions play a vital role in the country's economic stability and growth.
In 2023, the BSP reported that personal remittances from overseas Filipinos reached an unprecedented high of USD37.2 billion, marking a 3 percent increase over 2022. This figure represented 8.5 percent of the Philippines' gross domestic product (GDP), emphasizing the substantial impact of these remittances on the national economy.
Overall, the consistent growth in personal remittances highlights the resilience of overseas Filipinos and their continued commitment to supporting their families and communities in the Philippines, even amidst global economic challenges.
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