Resilient Increase in OFW Remittances Amid Global Economic Challenges

Remittances from overseas Filipinos remained robust in September, achieving a 2.6% increase, which amounted to a nine-month high of $3.23 billion. This steady growth, reported by the Bangko Sentral ng Pilipinas, reflects the consistent performance of both land-based and sea-based Filipino workers globally.

The total remittances for the first nine months of 2023 reached $27.24 billion, marking a 2.8% rise from the previous year, although slightly slower than the 3.1% growth recorded in the same period last year. Cash remittances through banks also showed a similar 2.6% increase in September, contributing to a 2.8% rise in the nine-month tally to $24.94 billion.

The Bangko Sentral ng Pilipinas anticipates a 3% growth in full-year cash transfers, predicting a total of $37.2 billion for the year. BMI Country Risk and Industry Research notes that these remittances significantly support the Philippine economy, as they are a crucial income source for many Filipino households, and the global demand for Filipino workers continues to grow​​​​​​​​.