The Central Bank of the Philippines released updated remittance statistics showing personal remittances from Overseas Filipinos increased by 3.5% year on year to USD 3.12 billion in November 2024. Cumulative personal remittances for January to November 2024 reached USD 34.61 billion, up 3.0% from the same period in 2023, in line with the central bank’s full-year 2024 growth projection of 3.0%. Cash remittances coursed through banks rose by 3.3% to USD 2.81 billion in November 2024, bringing year-to-date cash remittances to USD 31.11 billion, up 3.0%, matching the central bank’s 3.0% full-year projection. The increase reflected higher inflows from both land-based and sea-based workers, with year-to-date growth mainly supported by remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates; the United States accounted for the largest reported share of cash remittances, followed by Singapore and Saudi Arabia, with the central bank noting limitations in source attribution due to routing through correspondent banks and remittance centers.
Central Bank of the Philippines 2025-01-15
Central Bank of the Philippines reports 3.5% increase in November 2024 personal remittances to USD 3.12 billion
The Central Bank of the Philippines reported a 3.5% year-on-year increase in personal remittances from Overseas Filipinos, reaching USD 3.12 billion in November 2024. Cumulative remittances for January to November 2024 totaled USD 34.61 billion, aligning with the central bank's 3.0% growth projection. Cash remittances through banks rose by 3.3% to USD 2.81 billion in November, with the United States, Saudi Arabia, Singapore, and the UAE as key contributors.