Filipinos working abroad sent home $3.12 billion in remittances in November 2024, marking a six-month low, according to data from the Bangko Sentral ng Pilipinas (BSP).
While the amount represents a 3.5% increase from the same period last year, it declined by 8.8% from October 2024, when remittances reached $3.42 billion.
The BSP attributed the year-on-year growth to a 3.7% rise in remittances from land-based workers with contracts of one year or more, which amounted to $2.4 billion. Meanwhile, remittances from sea-based and short-term land-based workers grew by 1.7%, reaching $650 million.
For the first 11 months of 2024, total personal remittances increased by 3% to $34.61 billion. Cash remittances sent through banks also showed growth, rising 3.3% to $2.81 billion in November.
The rise in cash remittances was driven by a 3.9% increase from land-based workers, amounting to $2.22 billion, while remittances from sea-based workers rose 1% to $590 million. For the year-to-date period, cash remittances totaled $31.11 billion, up 3%.
The growth in remittances was primarily driven by increases from the United States, Saudi Arabia, Singapore, and the United Arab Emirates.
The US remained the largest contributor, accounting for 40.9% of total remittances, followed by Singapore at 7.1% and Saudi Arabia at 6.3%.
