MANILA – Remittances from overseas Filipino workers (OFWs) rose by 3.3 percent in August, the Bangko Sentral ng Pilipinas (BSP) reported.

Data released by the BSP showed that personal remittances during the month amounted to US$3.2 billion, up from the US$3.1 billion recorded in August last year.

The United States remained the biggest source of remittances during the period, followed by Singapore and Saudi Arabia.

“The expansion in personal remittances in August 2024 was due to higher remittances from land-based workers with work contracts of one year or more, and sea- and land-based workers with work contracts of less than one year,” the central bank said.

Personal remittances cover cash sent through banks and informal channels and also remittances in kind.

Of the total personal remittances, cash remittances coursed through banks reached US$2.89 billion, higher by 3.2 percent than the US$2.80 billion in August 2023.

The BSP said the higher cash remittances in August 2024 were due to the growth in receipts from land- and sea-based workers.

From January to August, personal remittances grew by 3 percent to US$24.74 billion from US$24.01 billion in the same period last year.

Of the total, cash remittances amounted to US$22.22 billion, up by 2.9 percent from the US$21.58 billion in January to August 2023.

The BSP said the growth in cash remittances from the United States, Saudi Arabia, the United Arab Emirates, and Singapore contributed mainly to the increase in remittances.