Remittances from Filipinos abroad grew to $3.12 billion in November 2024
MANILA, Philippines – Personal remittances from Filipinos overseas grew 3.5% year-on-year to $3.12 billion in November 2024, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday, January 15.
This brings the total remittances sent to the Philippines to $34.61 billion in January to November 2024.
Despite seeing year-on-year growth, inflows in November hit a two-month low.
Cash remittances coursed through banks grew 3.3% year-on-year to $2.81 billion. Meanwhile, land-based workers remained the top senders of cash remittances, accounting for $2.81 billion of the November’s inflows.
The BSP said the growth in cash remittances came from the United States, Saudi Arabia, Singapore and the United Arab Emirates.
“The US accounted for the largest share of overall cash remittances January-November 2024, followed by Singapore and Saudi Arabia,” the central bank said in a statement.
Remittances from the US comprised 40.9% of total cash remittances during the first 11 months of 2024. However, the BSP noted that the US consistently tops the list of country sources since remittance centers abroad often course the funds through their correspondent banks in the US.
The BSP expects personal remittances from overseas Filipinos in 2024to grow 3%. – Rappler.com