Personal remittances from Overseas Filipinos (OFs) increased in March 2024 on the back of higher remittances from sea- and land-based Pinoy overseas workers, the latest data from Bangko Sentral ng Pilipinas showed on Wednesday.

Data from the central bank showed that personal remittances from overseas Filipinos rose by 2.6 percent to $3.05 billion in March 2024 from $2.97 billion recorded in March 2023. 

"The increase in personal remittances in March 2024 was due to remittances from (1) land-based workers with work contracts of one year or more and (2) sea- and land-based workers with work contracts of less than one year," BSP said in its accompanying statement.

For the first quarter of 2024, personal remittances increased by 2.8 percent to $9.15 billion from $8.90 billion in the first quarter of 2023.

Of the personal remittances from OFs, cash remittances coursed through banks amounted to $2.74 billion in March 2024 from $2.67 billion posted in March 2023, or an annual increase of 2.5 percent. 

"The expansion in cash remittances in March 2024 was due to growth in receipts from both land- and sea-based workers," BSP said.

On a year-to-date basis, Q1 2024 cash remittances amounted to $8.22 billion, higher by 2.7 percent than the $8.00 billion registered in the first quarter last year.

The growth in cash remittances from the United States (US), Saudi Arabia, United Arab Emirates (UAE), and Singapore contributed mainly to the increase in remittances in Q1 2024. 

In terms of the countries where these remittances originated, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.