January 15, 2025 | 5:01pm
MANILA, Philippines — Personal remittances from overseas Filipino workers (OFWs) continued to climb in November 2024, reaching $3.12 billion (P182,909,992,512), the Bangko Sentral ng Pilipinas said.
In a statement released on Wednesday, January 15, the central bank announced that OFW remittances grew by 3.5% in November 2024, compared with the $3.02 billion recorded in November 2023.
However, this was lower than the October 2024 remittance figure of $3.42 billion.
The growth was observed among both land-based and sea-based OFWs, according to the central bank.
Cumulative remittances from January to November 2024 reached $34.61 billion, reflecting a 3.0% year-on-year increase from the $33.59 billion recorded in the same period in 2023.
Meanwhile, cash remittances coursed through banks also showed an upward trend, totaling $2.81 billion in November 2024, a 3.3% increase from the $2.72 billion recorded in November 2023.
On a year-to-date basis, cash remittances rose by 3.0%, amounting to $31.11 billion in January-November 2024, compared to $30.21 billion in the same period in 2023.
Key contributors to the increase in remittances from January to November 2024 include the United States, Saudi Arabia, Singapore and the United Arab Emirates.
Central bank data showed that the US remained the top source of cash remittances during this period, followed by Singapore and Saudi Arabia.
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