Personal remittances from Overseas Filipinos (OFs) grew by 3.5 percent to $3.12 billion in November 2024 from the $3.02 billion registered in November 2023. The expansion was seen in remittances from both land-based and sea-based workers.

Correspondingly, cumulative remittances reached $34.61 billion in January-November 2024, higher by 3 percent than the $33.59 billion recorded in January-November 2023. The increase in remittances is in line with the full-year projected growth of 3 percent in 2024

Of the personal remittances from OFs, cash remittances coursed through banks reached $2.81 billion in November 2024, higher by 3.3 percent than the $2.72 billion posted in November 2023.

On a year-to-date basis, cash remittances rose by 3 percent to $31.11 billion in January-November 2024 from the $30.21 billion registered in January-November 2023. Cash remittances are projected to increase by 3 percent for full-year 2024. Bangko Sentral ng Pilipinas