Remittances grew 2.6 percent in July 2023 to $2.99 billion from $2.92 billion in the same month last year, latest data from the Bangko Sentral ng Pilipinas (BSP) show.
“The expansion in cash remittances in July 2023 was due to the growth in receipts from land- and sea-based workers,” the BSP said in a statement Friday.
This brought cash remittances in the first seven months to $18.79 billion, or 2.9-percent higher than $18.26 billion in the same period last year.
“The growth in cash remittances from the United States, Singapore, Saudi Arabia and United Arab Emirates contributed mainly to the increase in remittances in the first seven months of 2023,” the BSP said.
Data showed that in terms of country sources, the US posted the highest share of overall remittances, followed by Singapore, Saudi Arabia and Japan.
Personal remittances, which include non-cash items, rose 2.5 percent to $3.32 billion in July from $3.24 billion a year ago.
“The growth in personal remittances in July 2023 was due to higher remittances sent by 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 BSP said.
Personal remittances reached $20.91 billion in the first seven months, higher by 2.9 percent than $20.33 billion recorded in the same period in 2022.
Cash remittances rose 3.6 percent to a record $32.54 billion in 2022 from $31.42 billion inn 2021 on sustained demand for skilled Filipino workers overseas. The full-year remittances growth, however, missed the official target of 4 percent set by the Bangko Sentral.
The growth in cash remittances from the United States, Saudi Arabia, Singapore, Qatar and United Kingdom contributed largely to the increase in remittances in 2022.
Studies have shown that remittances from overseas Filipino workers have consistently been the fourth largest in the world after India, China and Mexico.
The Philippines is among the biggest suppliers of nurses around the world, accounting for at least 20 percent of the total globally. It is also the top source of seafarers worldwide, accounting for about 20 percent to 25 percent of the global total.
The Bangko Sentral expects remittances to grow 3 percent in 2023.