At $3.1 billion in November
MANILA, Philippines — Money sent home by Filipinos abroad amounted to $3.12 billion in November last year, the lowest level in six months despite the holiday season, according to the Bangko Sentral ng Pilipinas.
Based on BSP data, personal remittances amounted to $3.12 billion in November 2024, 3.5 percent higher than the $3.02 billion in the same month in 2023.
However, the latest figure was 8.8 percent lower than the $3.42 billion recorded a month ago. It also marked the lowest recorded in six months or since the $2.88 billion in May 2024.
The central bank attributed the year-on-year growth in remittances to the 3.7 percent increase in remittances sent by land-based workers with work contracts of one year or more, to $2.4 billion.
Similarly, remittances from sea and land-based workers with work contracts of less than one year grew by 1.7 percent to $650 million.
For the 11-month period of 2024, personal remittances rose by three percent to $34.61 billion from $33.59 billion in the same period in 2023.
Leonardo Lanzona, economist and professor at Ateneo de Manila University, said remittances likely decreased on a monthly basis because overseas Filipino workers may have prioritized saving for their dependents’ needs ahead of the December holiday season.
“Remittances are mainly by recipients used to meet their basic needs. The sender may have figured out that they don’t need to send more of their money to meet the needs of their family here,” he said.
Cash remittances coursed through banks also improved by 3.3 percent to $2.81 billion in November 2024 from $2.72 billion a year ago. The expansion was due to the growth in receipts from land- and sea-based workers.
Cash remittances from land-based workers increased by 3.9 percent to $2.22 billion while the amount sent home by sea-based workers went up by one percent to $590 million.
From January to November 2024, cash remittances picked up by three percent to $31.11 billion from $30.21 billion in 2023.
“The growth in cash remittances from the US, Saudi Arabia, Singapore and the United Arab Emirates contributed mainly to the increase in remittances in January-November 2024,” the BSP said.
As to overall remittances for the 11-month period, the US topped the list with a share of 40.9 percent, followed by Singapore with 7.1 percent and Saudi Arabia with 6.3 percent.
The BSP projects personal and cash remittances to grow by three percent in 2024 and 2025.