Migrant Filipino workers’ cash remittance in Nov at $2.7B, up 2.8%

Filipinos working overseas sent back to the Philippines in November USD2.7 billion in cash, up 2.8 percent from the USD2.6 billion remitted in the year-earlier period, data from the Bangko Sentral ng Pilipinas said Tuesday.

The growth in cash remittances in November, the BSP said, was primarily due to increased receipts from both land- and sea-based workers.For the January-November period, cash remittances reached USD30.2 billion, higher by 2.8 percent than the year-ago level of USD29.4 billion.

Personal remittances, which includes non-cash items, was valued at USD3.0 billion in November, higher by 2.9 percent. The BSP explained that the growth in personal remittances during the month was driven by increased remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.The cumulative personal remittances grew by 2.9 percent to USD33.6 billion in the first eleven months of 2023.