Philippine cash remittances reached a record $34.49 billion in 2024, marking a 3% increase from the previous year, according to central bank data.
The growth reflects a consistent upward trend in remittances, driven by overseas Filipino workers (OFWs) sending money through formal banking channels.
Personal remittances surged to $38.341 billion in 2024, 3% higher than the year prior, and now account for 8.3% of the country’s GDP and 7.4% of its gross national income.
December 2024 saw the highest monthly figure for personal remittances, totaling $3.7 billion, up from $3.625 billion in December 2023. Both land-based and sea-based OFWs contributed to this growth, according to the BSP.
Land-based workers with contracts of one year or more sent $29.82 billion, a 3.2% increase from 2023, while remittances from workers with shorter contracts rose by 2.1% to $7.66 billion.
Cash remittances in December alone totaled $3.38 billion, a 3% increase from the same month in 2023. In total, land-based workers sent $27.55 billion, while sea-based workers contributed $6.94 billion.
The U.S. remained the dominant source of remittances, accounting for 40.6% of the total. Other key sources included Singapore (7.2%), Saudi Arabia (6.4%), Japan (4.9%), the U.K. (4.7%), and the UAE (4.4%).
Looking ahead, the BSP expects remittances to continue their upward trajectory, forecasting a 3% growth in 2025, with total cash remittances projected to reach $35.5 billion.
