Overseas Filipino workers (OFWs) have remitted a substantial $14.89 billion (₱871.98 billion) to the Philippines in 2024 so far, according to the Bangko Sentral ng Pilipinas (BSP). This amount, recorded from January to May, marks a 3% increase compared to the same period in 2023.
According to a Phil Star report, in May 2024 alone, OFW remittances reached $2.88 billion (₱168.66 billion), reflecting a 3.7% rise from May 2023’s $2.78 billion (₱162.80 billion). The BSP attributed this growth to increased contributions from both land-based workers with contracts of one year or more, and sea- and land-based workers with shorter contracts.
Cash remittances sent through banks also saw an uptick, totaling $2.58 billion (₱151.09 billion) in May 2024, up 3.6% from $2.49 billion (₱145.82 billion) in May 2023. This rise is credited to higher receipts from both land and sea-based workers.
The United States remains the top source of OFW remittances, accounting for 40.9% of the total remittances to the Philippines in 2024. Other significant contributors include Singapore (7.2%), Saudi Arabia (6.1%), and Japan (5.1%).
The BSP emphasized that remittances from OFWs play a crucial role in supporting the Philippine economy, serving as a steady source of foreign currency reserves. In 2023, total personal remittances from overseas workers reached a record $37 billion, making up 8.5% of the country’s gross domestic product (GDP) and 7.7% of its gross national income (GNI).