BSP Reports US$38.3 Billion in Total Personal Remittances for 2024
Personal remittances from overseas Filipinos (OFs) surged to a historic high of USD3.73 billion in December 2024, marking a three percent increase from the previous year. The robust inflows helped push full-year remittances to USD38.34 billion, the highest ever recorded, reflecting a three percent growth over 2023’s USD37.21 billion.
The remittances accounted for 8.3 percent of the country’s gross domestic product (GDP) and 7.4 percent of gross national income (GNI), underscoring their significant contribution to the Philippine economy.
The increase in December was driven by both land-based and sea-based workers, with cash remittances coursed through banks reaching USD3.38 billion. Notably, remittance growth was fueled by major contributions from the United States, Saudi Arabia, Singapore, and the United Arab Emirates. The U.S. remained the largest source of cash remittances.
According to the Bangko Sentral ng Pilipinas (BSP), the steady rise in remittances reflects the ongoing resilience and economic importance of the overseas Filipino workforce.
