Overseas Filipinos Send Record-High Remittances in December 2024

Overseas Filipinos sent a record USD3.73 billion in personal remittances in December 2024, marking a 3.0 percent increase from USD3.62 billion in December 2023, according to the Bangko Sentral ng Pilipinas (BSP).

Total remittances for the year reached USD38.34 billion, also up by 3.0 percent from USD37.21 billion in 2023. These funds accounted for 8.3 percent of the country’s Gross Domestic Product (GDP) and 7.4 percent of Gross National Income (GNI).

Cash remittances sent through banks totaled USD3.38 billion in December, rising from USD3.28 billion a year earlier. The full-year total for bank transactions reached USD34.49 billion, reflecting steady growth.

Most of the remittances came from Filipinos in the United States, Saudi Arabia, Singapore, and the United Arab Emirates. The U.S. remained the top source, followed by Singapore and Saudi Arabia. (ASC)