MANILA — Overseas Filipino workers have once again proven to be a financial lifeline for the Philippines, sending a record-breaking $38.34 billion in remittances during 2024, the country’s central bank reported Monday.
The Bangko Sentral ng Pilipinas (BSP) revealed that the figure represents a 3% increase from 2023, marking the highest level of personal remittances to date. These funds, crucial to the Philippine economy, now account for 8.3% of the country’s gross domestic product.
The United States remained the largest source of cash remittances, followed by Singapore and Saudi Arabia. A significant surge in December, with remittances hitting $3.73 billion, underscored the seasonal peak typically associated with holiday spending.
Economist Michael Ricafort of Rizal Commercial Banking Corporation highlighted the broader economic impact, noting that overseas Filipino workers (OFWs) are not just sending money home but driving consumption across multiple sectors, including real estate, automotive, and education.
Cash remittances coursed through banks totaled $34.49 billion, up from $33.49 billion in the previous year. The growth was primarily attributed to increased contributions from the United States, Saudi Arabia, Singapore, and the United Arab Emirates.
These remittances continue to be a critical economic stabilizer, providing financial support to millions of Filipino families and contributing significantly to the national economy.
The consistent growth reflects the resilience and global mobility of Filipino workers, who remain sought-after in various international labor markets.
