Personal remittances from overseas Filipinos grew by 3.5 percent in November 2024, according to the Bangko Sentral ng Pilipinas (BSP).
The BSP’s latest data revealed that personal remittances totaled USD3.12 billion in November, up from USD3.02 billion in the same month last year, driven by higher contributions from both land- and sea-based workers.
Personal remittances include cash sent via banks and informal channels, along with remittances in kind.
Of the total personal remittances for November, cash remittances through banks amounted to USD2.81 billion, marking a 3.3 percent increase from USD2.72 billion in November 2023.
For the period January to November 2024, personal remittances rose by 3 percent to USD34.61 billion, compared to USD33.59 billion during the same period in 2023.
“The increase in remittances is in line with the full-year projected growth of 3.0 percent in 2024,” the BSP said.
Cash remittances during this period grew by 3 percent to USD31.11 billion, from USD30.21 billion in the first eleven months of 2023.
“The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates contributed mainly to the increase in remittances in January-November 2024,” the BSP noted.
The United States remained the largest source of cash remittances, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom.
The BSP also projected a 3 percent increase in cash remittances for the full year of 2024.