Overseas Filipinos sent a total of $33.6 billion in personal remittances from January to November 2023, marking a nearly 3% increase from the same period in 2022, according to the Bangko Sentral ng Pilipinas (BSP). In November alone, remittances rose by $100 million to reach $3 billion compared to November 2022.
The growth in remittances during November was attributed to higher contributions from land-based workers with contracts of one year or more, as well as sea- and land-based workers with contracts of less than one year, as reported by the BSP. Cash remittances in November 2023 also saw a 2.8% increase, reaching $2.7 billion.
The majority of remittances for the first 11 months of the year came from the United States, accounting for 41.2% of the total. Singapore and the United Kingdom followed, sharing 6.9% and 6% of the remittance pie, respectively.
In the UAE, a growth of 5.6% was seen in comparison with the remittances sent last 2023.
Despite the ongoing pandemic, overseas Filipino workers’ remittances have consistently grown year-on-year since January 2021, according to Rizal Commercial Banking Corp. chief economist Michael Ricafort. He noted that the average year-on-year growth of OFW remittances over the past five years has ranged from 2% to 3%, aligning with or surpassing the country’s population growth and demographics.
