Overseas Filipinos’ personal remittances up 3.5% in Nov 2024

Cumulative remittances are on track to rise by 3% for 2024.

Personal remittances from overseas Filipinos (OFs) grew by 3.5% year-on-year (YoY) to $3.12b in November 2024 compared to a year ago.

Expansion was see in remittance of both land-based and sea-based workers, according to data from the Bangko Sentral ng Pilipinas (BSP).

Cumulative remittances from January to November 2024 has reached $34.61b, 3% higher than the same period in 2023.

About $2.81b in cash remittances coursed through banks during the month, rising 3.3% than the remittances posted in November 2023.

Year-to-date, cash remittances have risen by 3% to $31.11b for the 11-month period, in line with the 3% full-year projections.

The growth in cash remittances from the United States (US), Saudi Arabia, Singapore, and the United Arab Emirates (UAE) contributed mainly to the increase in remittances.

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