Manila: Personal remittances from overseas Filipinos increased by 3.5 percent in November 2024, as reported by the Bangko Sentral ng Pilipinas (BSP). Data from the BSP indicated that personal remittances reached USD3.12 billion, up from USD3.02 billion in November 2023, driven by remittances from both land-based and sea-based workers.

According to Philippines News Agency, personal remittances encompass cash sent through banks and informal channels, as well as remittances in kind. Of the total personal remittances for the month, cash remittances coursed through banks amounted to USD2.81 billion, marking a 3.3 percent increase from the USD2.72 billion recorded in November 2023.

From January to November 2024, personal remittances rose by 3 percent to USD34.61 billion, compared to USD33.59 billion in the same period in 2023. The BSP stated that "the increase in remittances is in line with the full-year projected growth of 3.0 percent in 2024."

Cash remittances for the January to November 2024 period also saw a 3 percent rise, reaching USD31.11 billion from USD30.21 billion in the same timeframe in 2023. The BSP highlighted that the growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates significantly contributed to the increase.

During this period, the United States was identified as the largest source of cash remittances, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom. The BSP has projected that cash remittances will continue to grow by 3 percent for the full year 2024.