HomeCrypto UpdatesJune 2023 Records OFW Remittances Surpassing $17 Billion

June 2023 Records OFW Remittances Surpassing $17 Billion

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BSP reported that remittances, both cash and personal, for Filipinos working and living outside the country has reached a total of $17.59 billion in the first six months.

Cumulative personal remittances grew by 3.0% to $17.59 billion in the first half of 2023 from $17.09 billion recorded in the comparable period in 2022.

While cash remittances coursed through banks reached $2.81 billion in June 2023, 2.1% higher than the $2.75 billion posted in the same month last year.

Remittances, both cash and personal, for Filipinos working and living outside the country has reached a total of $17.59 billion in the first six months, the Bangko Sentral ng Pilipinas (BSP) reported. 

According to the Central Bank, growth in remittances from overseas Filipinos (OFs) in the U.S., Singapore, and U.A.E, has become the main contributors to increase the total remittances this year, adding that the countries with the highest share of overall remittances during the period are U.S., Singapore, Saudi Arabia, and Japan.

Personal Remittances

Personal remittances, which cover cash sent through banks and informal channels as well as remittances in kind, are computed as the sum of the net compensation of employees, personal transfers, and capital transfers between households.

In a statement, BSP bragged that the personal remittances from OFs increased by 2.2% to $3.13 billion in June 2023 from $3.06 billion registered in the same month last year.

“The rise in personal remittances in June 2023 was due to higher remittances sent by 1) land-based workers with work contracts of one year or more and 2) sea- and land-based workers with work contracts of less than one year.”

Bangko Sentral ng Pilipinas

Photo for the Article - OFW Remittances Reach $17B as of June 2023

“Cumulative personal remittances grew by 3.0% to $17.59 billion in the first half of 2023 from US$17.09 billion recorded in the comparable period in 2022,” said the BSP. 

Cash Remittances

“Of the personal remittances from OFs, cash remittances coursed through banks reached $2.81 billion in June 2023, 2.1% higher than the $2.75 billion posted in the same month last year,” the monetary agency emphasized. 

Cash remittances refer to cash sent by land-based and sea-based workers through the banking system only. Thus, an increase in cash remittances means that theur is a growth in remits from OFs.

“On a year-to-date basis, cash remittances grew by 2.9 percent to US$15.79 billion from US$15.35 billion registered in the same period last year,” the central bank expanded. 

OF Remittances in PH

In 2021, it can be recalled that during the series of lockdowns brought on by the Covid-19 pandemic, the remittances of Filipinos working and living abroad started to rise.

(Read more: Overseas Filipinos Send More Money Back Home, Higher than Pre-Pandemic)

However, last February, the total remittances experienced a loss of 6.87%, making it the lowest since June 2022. 

(Read more: Remittances from Filipinos Abroad Lowest Since June, BSP Data Shows)

This article is published on BitPinas: OFW Remittances Reach $17B as of June 2023

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