Overseas Filipino workers (OFWs) sent a record-breaking amount of remittances in December 2024, bouncing back from a six-month low in November, according to data from the Bangko Sentral ng Pilipinas (BSP).
Cash remittances coursed through banks and formal channels reached $3.38 billion in December, a sharp rise from November’s $2.81 billion and higher than the $3.28 billion recorded in December 2023. This pushed total cash remittances for the year to $34.49 billion, reflecting a 3% growth from $33.49 billion in 2023.
The BSP attributed the increase mainly to higher remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE). The United States remained the largest source, accounting for 40.6% of total remittances, followed by Singapore (7.2%) and Saudi Arabia (6.4%). Other significant contributors included Japan, the United Kingdom, the UAE, Canada, Qatar, Taiwan, and South Korea.
Meanwhile, personal remittances—which include both cash and in-kind transfers via informal channels—rose to $3.73 billion in December, up from $3.12 billion in November and surpassing the $3.63 billion recorded in December 2023.
For the full year, personal remittances reached $38.34 billion, marking a 3% increase from $37.21 billion in 2023. The BSP noted that both land-based and sea-based OFWs contributed to the surge in remittances, underscoring the continued support of Filipinos abroad for their families back home.
