QUICK LOOK: Expat Filipino remittances on track for 3% growth in 2024 as of Nov.

Overseas Filipino remittances continued their upward trajectory, with personal remittances increasing by 3.5 percent year-on-year in November 2024, reaching $3.12 billion, the Bangko Sentral ng Pilipinas said on Wednesday, Jan. 15, 2024.

In a statement, the central bank said the year-to-date total for January to November 2024 stands at $34.61 billion, reflecting a 3-percent growth compared to the same period in 2023. 

This steady growth is driven by land-based and sea-based workers and aligns with the central bank’s full-year projection of a 3-percent increase for 2024.

Key highlights:

• Personal remittances in November 2024 reached $3.12 billion, up 3.5 percent from November 2023.
• Year-to-date remittances for January-November 2024 totaled $34.61 billion, a 3-percent increase.
• Cash remittances coursed through banks rose 3.3 percent in November 2024 to $2.81 billion.
• The United States remains the top source of cash remittances, followed by Singapore and Saudi Arabia.
• Full-year growth of 3 percent in remittances is projected for 2024.