OFW cash remittances climb 2.6% in September

OFW cash remittances grew 2.6% in September 2023, reaching $2.91 billion, up from $2.84 billion in September 2022, marking the highest amount in two months.

This growth was driven by increased receipts from both land-based and sea-based Filipino workers, with land-based OFWs sending home $2.31 billion (up 3%) and sea-based workers sending $600 million (up 0.9%).

The sustained demand for OFWs, particularly in healthcare and maritime industries, has contributed to the consistent flow of remittances.

Year-to-date, cash remittances for the first nine months of 2023 totaled $24.49 billion, a 2.8% increase from the previous year.

The United States was the largest source of remittances for the first nine months of the year, accounting for 41.5%, followed by Singapore (6.9%) and Saudi Arabia (6.0%).

Personal remittances also saw a 2.6% rise in September 2023, amounting to $3.23 billion.