Overseas Filipinos’ Remittances Reach $3.12 Billion in November, Up 3.5%

Remittances sent by Overseas Filipinos (OFs) grew by 3.5% year-on-year, totaling $3.12 billion in November 2024 compared to $3.02 billion in November 2023. The increase was attributed to higher remittances from both land-based and sea-based workers.

Cumulative remittances for January to November 2024 reached $34.61 billion, reflecting a 3.0% rise from $33.59 billion in the same period last year. This growth aligns with the projected 3.0% increase for the year.

Cash remittances processed through banks rose by 3.3%, reaching $2.81 billion in November 2024, compared to $2.72 billion in November 2023. For the year-to-date, cash remittances amounted to $31.11 billion, a 3.0% increase from $30.21 billion recorded in January to November 2023.

The growth in cash remittances came primarily from the United States, Saudi Arabia, Singapore, and the United Arab Emirates. The United States remained the top source of cash remittances during the period, followed by Singapore and Saudi Arabia. (ASC)