Remittances reach record-high $38.3 B

The strong finish during the holiday season in December boosted dollars sent home by Filipinos abroad to reach an all-time high of $38.34 billion in 2024, the Bangko Sentral ng Pilipinas (BSP) said.

- By KEISHA TA-ASAN

Data from the BSP showed that personal remittances – the sum of net compensation of employees, personal transfers and capital transfers between households – reached $38.34 billion in 2024, three percent higher than the previous year's $37.21 billion.

The record-high figure was driven by the $3.73 billion remittances sent in December alone, up by three percent from $3.62 billion a year ago.

John Paolo Rivera, senior research fellow at the Philippine Institute for Development Studies, said the growth in remittances in 2024 was due to the continued resilience of overseas Filipino workers (OFWs) in supporting the Philippine economy.