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April 12, 2024

Remittances reach record $37.2 billion in 2023

Personal remittances from overseas Filipinos (OFs) reached a record $3.6 billion in December 2023, marking a 3.9 percent increase from $3.5 billion in December 2022.

The growth in personal remittances in December 2023 was attributed to increased remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with contracts of less than one year, according to the Bangko Sentral ng Pilipinas (BSP).

Cumulatively, personal remittances also soared to an all-time high of $37.2 billion, reflecting a 3.0 percent increase from $36.1 billion in 2022.

“The robust inward remittances reflect the surge in the deployment of overseas Filipino workers due to the continuous increase in demand for foreign workers in host countries. The full-year 2023 remittances represented 8.5 percent and 7.7 percent of the country‚Äôs gross domestic product (GDP) and gross national income (GNI), respectively,” the BSP said.

Cash remittances processed through banks amounted to $3.3 billion in December 2023, marking a 3.8 percent increase from $3.2 billion recorded in December 2022. The growth in cash remittances in December 2023 was primarily attributed to increased receipts from both land- and sea-based workers.

On a full-year basis, cash remittances totaled $33.5 billion in 2023, showing a 2.9 percent growth from $32.5 billion in 2022.

The growth in cash remittances from the United States, Saudi Arabia, and the United Arab Emirates mainly contributed to the increase in remittances in 2023. In terms of the countries where these remittances originate, the U.S. had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia, as reported by the BSP.

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