BSP: Remittances hit record-high in December 2024

Funds sent in by overseas Filipinos rebounded in December 2024 to mark a historic high after the six-month low recorded the previous month, data released by the Bangko Sentral ng Pilipinas (BSP) showed Monday.

Cash remittances or money transfers through banks or formal channels for the month stood at a record $3.380 billion, up from $2.808 billion the previous month, and the $3.280 billion the same month in 2023.

Year-to-date cash remittances climbed to $34.493 billion, up by 3.0% from $33.491 billion in the comparable period of 2023.

“The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE) mainly contributed to the increase in remittances in 2024,” the BSP said.

The United States accounted for 40.6% of cash remittances, followed by Singapore with 7.2%, and Saudi Arabia with 6.4%.

They were backed by Japan with 4.9%, the United Kingdom with 4.7%, the United Arab Emirates with 4.4%, Canada with 3.6%, Qatar with 2.8%, Taiwan with 2.7%, and South Korea with 2.5%.

The BSP noted, however, that remittances coursed through money couriers cannot be disaggregated by actual country source and these are lodged under the country where the main offices are located, which is in the United States in many cases.

Meanwhile, personal remittances — the sum of transfers sent in cash or in-kind via informal channels — came in at $3.733 billion, up from $3.121 billion in November and the $3.625 billion in December 2023.

“The increase was observed in remittances from both land-based and sea-based workers,” the BSP said.

Full-year personal remittances were recorded at $38.341 billion, reflecting a 3.0% increase from $37.210 billion in 2023. — RSJ, GMA Integrated News