Filipinos remittances grow 3.5% YoY in Nov. ’24

By Nada Ali On Jan 15, 2025

Philippines, Indonesia central banks — The Bangko Sentral ng Pilipinas is the central bank of the Philippines and Bank Indonesia is the central bank of the Republic of Indonesia.

The Philippines recorded a 3.5 per cent increase in personal remittances from Overseas Filipinos (OFs) to $34.6 billion in November 2024 from $3.03 billion in November 2023, with growth observed in both land-based and sea-based workers’ remittances, according to Bangko Sentral ng Pilipinas (BSP) latest data on Wednesday.

Cash remittances coursed through banks amounted to $2.81 billion in November 2024, up 3.3 per cent from $2.72 billion in November 2023. On a year-to-date basis, cash remittances rose 3.0 per cent to $31.11 billion in January-November 2024.

The US, Saudi Arabia, Singapore, and the UAE were the main sources of increased remittances from January to November 2024. The US led the cash remittances, followed by Singapore and Saudi Arabia.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser

Bangko Sentral ng Pilipinas Bangko Sentral ng Pilipinas (BSP)cash remittances Filipino remittances Overseas Filipino remittances Overseas Filipinos (OFs)remittances Saudi Arabia