Remittances sink to six-month low

Money sent home by Filipinos abroad amounted to $3.12 billion in November last year, the lowest level in six months despite the holiday season, according to the Bangko Sentral ng Pilipinas.

- By KEISHA TA-ASAN

Based on BSP data, personal remittances amounted to $3.12 billion in November 2024, 3.5 percent higher than the $3.02 billion in the same month in 2023.

However, the latest figure was 8.8 percent lower than the $3.42 billion recorded a month ago. It also marked the lowest recorded in six months or since the $2.88 billion in May 2024.

The central bank attributed the year-on-year growth in remittances to the 3.7 percent increase in remittances sent by land-based workers with work contracts of one year or more, to $2.4 billion.

Similarly, remittances from sea and land-based workers with work contracts of less than one year grew by 1.7 percent to $650 million.