Personal remittances from overseas Filipino workers (OFWs) increased to $3.12 billion in November 2024, reflecting a 3.5% growth compared to $3.02 billion in November 2023, the Bangko Sentral ng Pilipinas (BSP) reported.
While the figure marked a year-on-year increase, it was lower than the $3.42 billion recorded in October 2024. Growth was noted among both land-based and sea-based workers, the central bank said.
Cumulative remittances for January to November 2024 reached $34.61 billion, a 3.0% rise from the $33.59 billion recorded in the same period the previous year.
Cash remittances funneled through banks also showed an upward trend, amounting to $2.81 billion in November 2024, up 3.3% from $2.72 billion in November 2023. Year-to-date cash remittances hit $31.11 billion, a 3.0% increase from $30.21 billion in 2023.
The United States, Saudi Arabia, Singapore, and the United Arab Emirates were key contributors to the rise in remittances, with the US remaining the top source of cash remittances.
