The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
May 29, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
May 8, 2025 DOWNLOAD
View all Reports
BusinessWorld 3 MIN READ

June remittances hit 6-month high

August 16, 2023By BusinessWorld
Related Articles
PEZA investments plunge in June July 15, 2024 Lending growth fastest in nearly 2 years October 7, 2024 November jobless rate falls to 18-year low January 10, 2024

Money sent by overseas Filipino workers (OFWs) rose to a six-month high in June, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Cash remittances coursed through banks rose by 2.1% to USD 2.81 billion in June, from USD 2.75 billion in the same month in 2022.

The June cash remittance inflows are at the highest level since the USD 3.16 billion in December 2022.

However, the 2.1% annual growth in cash remittances was the slowest in 13 months or since the 1.8% rise seen in May 2022.

“The expansion in cash remittances in June 2023 was due to the growth in receipts from land- and sea-based workers,” the BSP said.

Remittances from land-based workers jumped by 2.1% year on year to USD 2.29 billion in June, while money sent by sea-based workers increased by 1.9% to USD 524 million.

For the first six months of 2023, cash remittances rose by 2.9% to USD 15.79 billion, from $15.35 billion in the comparable period last year.

Security Bank Corp. Chief Economist Robert Dan J. Roces said improved economic conditions in host countries led to more job opportunities and better wages for OFWs.

“Increased demand for labor in host countries boosted OFW employment and remittances… Positive fluctuations in exchange rates increased remittance values in Philippine peso terms,” he said.

The peso closed at PHP 55.20 against the dollar on June 30, appreciating by 95 centavos or 1.7% from its PHP 56.15 close on May 31.

However, the slower growth rate in June may be attributed to base effects, with a high-remittance month in the previous year made growth seem slower, Mr. Roces said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said OFWs may have sent more money back home to support their families amid rising prices.

Headline inflation eased to 5.4% in June from 6.1% both in May 2023 and June 2022, the slowest in 14 months. Still, it marked the 15th straight month of inflation exceeding the BSP’s 2-4% target band.

BSP data showed cash remittances in the January-to-June period were driven mainly by higher inflows from the United States, Singapore, and United Arab Emirates (UAE). 

By country, the US accounted for the biggest share (41.1%) of total remittances during the six-month period.

The US, along with Singapore, Saudi Arabia, Japan, the United Kingdom, the UAE, Canada, Korea, Qatar, and Taiwan, accounted for 79.7% of total cash remittances in the first semester.

Meanwhile, BSP data showed personal remittances, which included inflows in kind, rose by 2.2% to USD 3.13 billion in June from the $3.06 billion posted in the same month last year.

This brought personal remittances 3% higher to USD 17.59 billion in the first half of the year from USD 17.09 billion a year ago.

“The outlook remains uncertain due to evolving global conditions and offshore market movements which affect the peso,” Mr. Roces said. “However, economic recovery and stability in host countries will influence remittance trends.”

Mr. Ricafort said he expects OFWs to continue sending more cash to their families, especially as school reopens.

“Risk of an economic slowdown in the US partly due to aggressive Fed rate hikes… would still be a drag for OFW remittances especially if there would be job losses,” Mr. Ricafort said, but added this may be offset by the economic reopening in China.

The central bank expects remittances to grow by 3% this year. —  Keisha B. Ta-asan

This article originally appeared on bworldonline.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up