Overseas Filipino remittances hit a record high in December 2024, driven by the seasonal increase in fund transfers and peso conversions for holiday spending, data from the Bangko Sentral ng Pilipinas (BSP) showed on Monday, February 17.
Cash remittances—funds sent through banks and formal channels—rose to $3.380 billion in December, up from $2.808 billion the previous month and surpassing the $3.280 billion recorded in December 2023. This brought total cash remittances for the full year to $34.493 billion, reflecting a 3.0% increase from $33.491 billion in 2023.
The BSP attributed the growth to higher remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates.
The U.S. remained the top source, accounting for 40.6% of total remittances, followed by Singapore (7.2%), Saudi Arabia (6.4%), Japan (4.9%), and the United Kingdom (4.7%). Other major contributors included the UAE (4.4%), Canada (3.6%), Qatar (2.8%), Taiwan (2.7%), and South Korea (2.5%).
However, the BSP clarified that remittances processed through money couriers are recorded under the country where the service provider’s headquarters is based, often in the U.S., rather than the actual source country.
Meanwhile, personal remittances—which include both cash and in-kind transfers through informal channels—jumped to $3.733 billion in December, up from $3.121 billion in November and $3.625 billion in the same month in 2023.
Full-year personal remittances reached $38.341 billion, marking a 3.0% increase from $37.210 billion in the previous year. The BSP noted that both land-based and sea-based workers contributed to the rise in remittances. (TCSP)
