Philippines: Personal Remittances Rise YoY in Sept 2023; First Three Quarters Level Reaches $27.24B

​Personal remittances from Overseas Filipinos (OFs) in September 2023 have reportedly “reached US$3.23 billion, 2.6 percent higher than the US$3.15 billion recorded in the same month last year.”

The growth in personal remittances in September 2023 was driven “by increased 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.”

Similarly, the total personal remittances received “from OFs in January to September of 2023 amounted to US$27.24 billion, up by 2.8 percent from US$26.49 billion registered in the comparable period in 2022.”

Of the personal remittances, cash remittances “sent through banks grew by 2.6 percent to US$2.91 billion in September 2023 from US$2.84 billion in the same month of the previous year.”

The growth in cash remittances in September 2023 “was due to increased receipts from both land- and sea-based workers.”

On a year-to-date basis, cash remittances “for the first nine months of the year amounted to US$24.49 billion, a 2.8 percent increase from the US$23.83 billion received during the same period of the previous year.”

The growth in cash remittances from “the United States (U.S.), Saudi Arabia, and Singapore contributed mainly to the increase in remittances in the first three quarters of 2023. In terms of the countries where these remittances originate, the U.S. had the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan.”

In other updates from the Philippines, it was revealed that Tonik, the digital bank in the Philippines, is pleased to announce its newest strategic partnership with life insurance company Sun Life Grepa Financial, Inc..

This transformative collaboration aims “to enhance the financial well-being of the companies’ valued customers.”

The focal point of this groundbreaking partnership is “the introduction of Payhinga, an inclusive bundle service designed to offer customers financial security in the face of life’s uncertainties.”

Payhinga, a credit life and disability insurance product, will “complement Tonik’s existing loan offerings and will be readily available to customers applying for loans.”

During the ceremonial signing of the memorandum of agreement between the two companies, Tonik Country President Long Pineda expressed her enthusiasm, stating:

“The partnership with Sun Life Grepa will significantly expand our suite of products, and insurance is a highly sought-after addition our customers have been requesting.”

Payhinga will give customers “access to life and disability insurance with coverage up to 120% of their loan amount, along with a two-month payment holiday where customers can push back their upcoming loan installments in case of financial strain.”

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