Personal remittances from overseas Filipinos went up by 3.5 percent in November 2024.

Bangko Sentral ng Pilipinas (BSP) data showed that personal remittances reached $3.12 billion from $3.02 billion in November 2023 due to the increase in remittances from both land- and sea-based workers.

Personal remittances cover cash sent through banks and informal channels, as well as remittances in kind.

Of the total personal remittances during the month, cash remittances coursed through banks amounted to $2.81 billion, up by 3.3 percent from the $2.72 billion recorded in November 2023.

From January to November 2024, personal remittances rose by 3 percent to $34.61 billion from $33.59 billion in the same period in 2023.

"The increase in remittances is in line with the full-year projected growth of 3.0 percent in 2024," the BSP said.

Of the total amount, cash remittances went up by 3 percent to $31.11 billion from the $30.21 billion registered in January to November 2023.

"The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates contributed mainly to the increase in remittances in January-November 2024," the BSP said.

The United States was the biggest source of cash remittances during the period, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom.

The BSP said cash remittances are projected to increase by 3 percent for full year 2024. 

PIXABAY PHOTO