Data from the Bangko Sentral ng Pilipinas (BSP) released on Monday, February 17, showed that personal remittances from overseas Filipino workers increased by 3%, reaching an all-time high of $38.34 billion in 2024, up from $37.21 billion recorded the previous year.
The record monthly remittance inflow of $3.73 billion in December 2024 significantly boosted the total for the year, stated the BSP. In comparison, December 2023 recorded remittances of $3.62 billion.
The central bank attributed this increase to higher remittances from land- and sea-based workers.
“The full-year 2024 remittances represented 8.3% and 7.4% of the country’s Gross Domestic Product (GDP) and Gross National Income (GNI), respectively,” BSP said.
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Personal remittances include cash sent through banks, informal channels, and remittances in kind.
Cash remittances sent through banks amounted to $3.38 billion in December 2024, a 3% increase compared to the $3.28 billion recorded in December 2023. For full-year 2024, cash remittances also rose to $34.49 billion, a 3% increase from 2023’s $33.49 billion.
“The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates mainly contributed to the increase in remittances in 2024,” the BSP said, noting that the US continued to be the largest source of overall cash remittances, followed by Singapore and Saudi Arabia.
According to the World Bank, the Philippines ranked fourth among the top five recipient countries for remittances in 2024, with an estimated inflow of $40 billion. India led the list with $129 billion, followed by Mexico with $68 billion and China with $48 billion. Pakistan rounded out the top five with $33 billion.
