In 2024, remittances increased to $34.49 billion, which is 3% more than in 2023, when it was fixed at $33.49 billion. "The growth of remittances from the United States, Saudi Arabia, Singapore, and the UAE was the main driver of the increase in remittances in 2024," reported the Bangko Sentral ng Pilipinas (BSP), noting that the USA continues to be the largest source of remittances, followed by Singapore and Saudi Arabia.
According to the World Bank data, the Philippines ranked fourth among the top-5 recipient countries of remittances in 2024, with a projected total of $40 billion. In December 2023, remittances amounted to $3.62 billion. The increase in remittances was explained by the increase in remittances from overseas Filipino workers.
"Remittances in 2024 amounted to 8.3% of the country’s gross domestic product (GDP) and 7.4% of gross national income (GNI)," noted the BSP. Personal remittances include remittances through banks, non-bank money transfer providers, and in-kind remittances. Remittances from banks in December 2024 amounted to $3.38 billion, which is 3% more than in December 2023.
Data from the Bangko Sentral ng Pilipinas, published on Monday, February 17, indicated that personal remittances from overseas Filipino workers grew by 3%, reaching a historic maximum of $38.34 billion in 2024, compared to $37.21 billion recorded in the previous year. Record monthly remittances in December 2024 amounted to $3.73 billion, significantly increasing the total sum for the year, the BSP confirmed.
India topped the list with $129 billion, followed by Mexico with $68 billion and China with $48 billion. Pakistan completed the top-5 with $33 billion.
