In a significant economic milestone, remittances from Filipinos working abroad reached an unprecedented high of USD38.34 billion in 2024, according to the Bangko Sentral ng Pilipinas (BSP). This figure represents a 3 percent increase from the USD37.21 billion recorded in the previous year. The BSP announced these figures on February 17, 2025, highlighting that December alone saw remittances amounting to USD3.73 billion, pushing the annual total to over USD38 billion.
The BSP detailed that cash remittances, which are a significant portion of the total, reached USD34.49 billion in 2024, up from USD33.49 billion in 2023. These remittances, which include both cash sent through banks and informal channels as well as in-kind transfers, contributed significantly to the Philippine economy, accounting for approximately 8.3 percent of the gross domestic product and 7.4 percent of the gross national income.
The surge in remittances was primarily driven by increases from countries such as the United States, Saudi Arabia, Singapore, and the United Arab Emirates. The United States remained the largest contributor, followed by Singapore and Saudi Arabia.
Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, noted via Viber that remittances have been consistently growing by about 3 percent in recent months. He emphasized that the peak in December is largely due to seasonal factors, with many overseas Filipino workers (OFWs) sending money home for Christmas holiday spending. Ricafort also pointed out the crucial role that OFWs and their families play in the economy, driving demand for various products and services, including homes, vehicles, private education, and investments.