OFW cash remittances hit $3.171 billion in October

Overseas Filipinos' cash remittances in October reached $3.171 billion, showing a 3.0% increase compared to the same month last year, though the growth rate has slowed from the previous month.

This monthly figure is a slight increase from September's $3.121 billion, but the year-on-year growth rate dipped to 3.0% from September's 3.7%.

Year-to-date cash remittances have reached $29.202 billion, marking a 3.2% rise from the previous year's comparable period.

The United States continues to be the largest source of remittances, accounting for 40.3% of the total inflows.

Other significant sources of remittances include Singapore, Saudi Arabia, Japan, and the United Kingdom.

The Bangko Sentral ng Pilipinas (BSP) noted that remittances coursed through money couriers are often attributed to the United States due to the location of their main offices.