QUICK LOOK: Expat Filipinos sent home a record high $3.7 billion last Christmas
February 17, 2025
11:22AM PHT
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Overseas Filipino personal remittances reached a record $3.73 billion in December 2024, reflecting a 3-percent increase from $3.62 billion in December 2023, according to the Bangko Sentral ng Pilipinas (BSP).
Key highlights:
Record December remittances: Overseas Filipino personal remittances reached $3.73 billion in December 2024, up 3 percent year-on-year.
Highest annual total: Full-year remittances hit a record $38.34 billion, growing 3 percent from 2023.
Economic contribution: Remittances accounted for 8.3 percent of GDP and 7.4 percent of GNI.
Bank-processed remittances: Cash remittances through banks rose 3 percent to $3.38 billion in December.
Top sources: The U.S. remained the largest source of remittances, followed by Singapore, Saudi Arabia, and the UAE.
This growth was driven by higher inflows from both land-based and sea-based workers.
For the full year 2024, total remittances amounted to $38.34 billion, the highest on record and a 3-percent increase from $37.21 billion in 2023.
These remittances accounted for 8.3 percent of the country’s gross domestic product (GDP) and 7.4 percent of gross national income.
