Remittances from overseas Filipinos workers reached $3.23 billion in October 2022, higher by 3.5 percent than the $3.12 billion registered in the same month last year, central bank data showed on Thursday.

In a statement, the Banko Sentral ng Pilipinas data shows that the increase in personal remittances in October 2022 was because of 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.

"Consequently, cumulative personal remittances grew by 3.1 percent to $29.72 billion in the first 10 months of 2022 from $28.82 billion recorded in the comparable period in 2021," the data shows.

It also added that of the personal remittances from OFWs, cash remittances coursed through banks increased by 3.5 percent to $2.91 billion in October 2022 from $2.81 billion registered in the same month in 2021.

Expansion in cash remittances
The expansion in cash remittances in October 2022 was because of the growth in receipts from land-based and sea-based workers.

"On a year-to-date basis, cash remittances in January -October 2022 amounted to $26.74 billion, 3.1 percent higher than the year-ago level of $25.93 billion," the BSP said.

The growth in cash remittances from the United States, Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances from January to October 2022.

Meanwhile, in terms of country sources, the US posted the highest share of overall remittances in the first 10 months of 2022, followed by Singapore and Saudi Arabia.

"There are some limitations on the remittance data by source. A common practice of remittance centers in various cities abroad is to course remittances through correspondent banks, most of which are located in the US," the central bank said.