Personal remittances from Overseas Filipinos (OFs) grew by 3 percent to an all-time high of $3.73 billion in December 2024 from the $3.62 billion registered in December 2023. The increase was observed in remittances from both land-based and sea-based workers.

Cumulative remittances also reached a record high of $38.34 billion in 2024, higher by 3 percent than the $37.21 billion recorded in 2023. The full-year 2024 remittances represented 8.3 percent and 7.4 percent of the country’s Gross Domestic Product (GDP) and Gross National Income (GNI), respectively.

Of the personal remittances from OFs, cash remittances coursed through banks reached $3.38 billion in December 2024, higher by 3 percent than the $3.28 billion posted in December 2023.

On a year-to-date basis, cash remittances rose by 3 percent to $34.49 billion in 2024 from the $33.49 billion registered in 2023.

The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates mainly contributed to the increase in remittances in 2024. In terms of country sources, the US accounted for the largest share of overall cash remittances 2024, followed by Singapore and Saudi Arabia. Bangko Sentral ng Pilipinas