THE Bangko Sentral ng Pilipinas said that the personal remittances from overseas Filipino workers (OFW) went up by 2.7 percent in January 2024.

According to the data from the BSP, it showed that personal remittances from overseas Filipinos is at USD3.15 billion in January.

It is up from USD3.07 billion in the same month last year.

"The increase in personal remittances in January 2024 was driven by increased remittances from 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," the BSP said.

Also, the central bank said that cash remittances that were coursed through banks increased by 2.7 percent to USD2.84 billion in January 2024 from USD2.76 billion a year ago.

They attributed the growth in cash remittances in January 2024 due to increased receipts from both land- and sea-based workers.

"The growth in cash remittances from the United States, Saudi Arabia, the United Arab Emirates (UAE), and Singapore contributed mainly to the increase in remittances in January 2024," the central bank said.

Also among the top sources of remittances come from the United States (41.8 percent), Singapore (7.3 percent), Saudi Arabia (6.0 percent), Japan (5.8 percent), and United Kingdom (4.8 percent).