MANILA, Philippines — Personal remittances from Overseas Filipinos (OFs) surged to an all-time high of US$3.73 billion in December 2024, marking a 3.0 percent increase from the US$3.62 billion recorded in December 2023, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

BSP data showed that the growth was observed across both land-based and sea-based workers.

The record-breaking monthly remittances pushed cumulative remittances for 2024 to a new peak of US$38.34 billion, reflecting a 3.0 percent rise from the previous year’s total of US$37.21 billion. 

This milestone represented 8.3 percent of the Philippines’ Gross Domestic Product (GDP) and 7.4 percent of its Gross National Income (GNI) for 2024, further underscoring the significant role of OFs in the country’s economic stability.

Cash remittances, which are typically routed through banks, also saw an uptick, reaching US$3.38 billion in December 2024. 

This was a 3.0 percent increase compared to the US$3.28 billion posted in the same month of 2023. 

On a year-to-date basis, cash remittances amounted to US$34.49 billion in 2024, up by 3.0 percent from the US$33.49 billion recorded in 2023.

The increase in remittances was primarily driven by contributions from the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE). 

The US was the largest source of cash remittances with 40.6 percent of total remittances, followed by Singapore (7.2 percent) and Saudi Arabia (6.4 percent).