The latest data from the Bangko Sentral ng Pilipinas reveals a positive trend in the remittance flows from overseas Filipinos, indicating a recovery from the pandemic-induced economic challenges. Cash remittances in February 2024 reached $2.65 billion, marking the highest level for that month in recent years. This surge in remittances aligns with the recovery in deployment, with overseas Filipino workers deployment reaching a 55-year high since records were first kept in 1969.
While remittances have shown consistent growth, personal remittances, which include both cash and non-cash forms of support, have grown at a higher rate of 3 percent compared to cash remittances. The ease of online transactions and the rise of online accounts and shopping activities among Filipinos overseas have facilitated this transition.
The United States, Saudi Arabia, Singapore, and the United Arab Emirates are the primary sources of the increased remittances in January-February 2024. The US, in particular, has the highest share of overall remittances during this period, followed by Singapore, Saudi Arabia, and Japan. These figures highlight the importance of maintaining strong ties with these countries and ensuring favorable labor market conditions for Filipinos abroad.
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