Filipino workers abroad sent $34.61 billion in remittances to the Philippines by November, up 3% year-over-year.

Personal remittances from overseas Filipinos hit $3.12 billion in November 2024, a 3.5% rise from the previous year, according to the Philippine central bank. From January to November 2024, remittances increased by 3% to $34.61 billion. Growth in remittances from the US, Saudi Arabia, Singapore, and the UAE was significant. About 10 million Filipinos work overseas, making remittances a crucial foreign exchange source. In 2023, remittances peaked at $37.2 billion, 3% higher than in 2022, representing 8.5% of the GDP.

2 months ago
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