BSP: personal remittances grow by 3.5% YoY in Nov 2024; YTD level reaches US$34.6B

Personal remittances from Overseas Filipinos (OFs) grew by 3.5 percent to US$3.12 billion in November 2024 from the US$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 US$34.61 billion in January-November 2024, higher by 3.0 percent than the US$33.59 billion recorded in January-November 2023. The increase in remittances is in line with the full-year projected growth of 3.0 percent in 2024.

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

On a year-to-date basis, cash remittances rose by 3.0 percent to US$31.11 billion in January-November 2024 from the US$30.21 billion registered in January-November 2023. Cash remittances are projected to increase by 3.0 percent for full-year 2024.

The growth in cash remittances from the United States (U.S.), Saudi Arabia, Singapore, and the United Arab Emirates (U.A.E.) contributed mainly to the increase in remittances in January-November 2024. In terms of country sources, the U.S. accounted for the largest share of overall cash remittances January-November 2024, followed by Singapore and Saudi Arabia.