The Central Bank of the Philippines released remittance data showing personal remittances from Overseas Filipinos rose 3.0% year on year to an all-time high of USD 3.73 billion in December 2024, driven by increases from both land-based and sea-based workers. For full-year 2024, cumulative personal remittances reached a record USD 38.34 billion, up 3.0% from 2023, equivalent to 8.3% of GDP and 7.4% of GNI. Cash remittances coursed through banks increased 3.0% to USD 3.38 billion in December 2024 and rose 3.0% year to date to USD 34.49 billion in 2024. The central bank attributed the annual increase mainly to higher cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates, with the United States accounting for the largest share in 2024, followed by Singapore and Saudi Arabia, while noting limitations in country-of-source attribution due to routing through correspondent banks and money couriers.
Central Bank of the Philippines 2025-02-17
Central Bank of the Philippines reports 3% rise in Overseas Filipino remittances to record USD 38.34 billion in 2024
The Central Bank of the Philippines reported a 3.0% year-on-year increase in personal remittances from Overseas Filipinos, reaching a record USD 3.73 billion in December 2024. For the full year, remittances totaled USD 38.34 billion, representing 8.3% of GDP and 7.4% of GNI. The rise was primarily driven by higher cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates.