Remittances Hit $3.12 Billion In November

Personal remittances from Overseas Filipinos (OFs) grew by 3.5% to $3.12 billion in November 2024, compared to $3.02 billion in November 2023, according to data released by the Bangko Sentral ng Pilipinas (BSP).

The U.S. remained the largest source of overall cash remittances for January–November 2024, followed by Singapore and Saudi Arabia. I Photo: Aboitiz

With the November figure, cumulative remittances for January–November 2024 reached $34.61 billion, a 3.0% increase from the $33.59 billion recorded during the same period in 2023.

This growth aligns with the projected 3.0% annual increase for 2024.

Of the total remittances, cash remittances coursed through banks amounted to $2.81 billion in November 2024, 3.3% higher than the $2.72 billion recorded in November 2023. Year-to-date cash remittances also rose by 3.0% to $31.11 billion for January–November 2024, compared to $30.21 billion in the same period of 2023.

The growth in remittances was driven primarily by increases from the United States, Saudi Arabia, Singapore, and the United Arab Emirates. The U.S. remained the largest source of overall cash remittances for January–November 2024, followed by Singapore and Saudi Arabia.