Metro Manila, Philippines – Money sent home by overseas Filipinos last year reached $38.34 billion (around P2.2 trillion), higher by 3 percent than the $37.21 billion in 2023, the Bangko Sentral ng Pilipinas said Monday, Feb. 17.
Remittances covered 8.3 percent of the economic output as measured by the gross domestic product.
The central bank said after a decline during the COVID-19 pandemic in 2020, personal remittance was on an upward trend in $34.88 billion in 2021, $36.14 billion in 2022, and $37.21 billion in 2023.
The BSP said the growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates were the main contributors to the increase in remittances.
“In terms of country sources, the US accounted for the largest share of overall cash remittances 2024, followed by Singapore and Saudi Arabia,” it added.
Delayed balikbayan boxes
Meanwhile, Migrant Workers Secretary Hans Cacdac said his agency has distributed around 9,000 balikbayan boxes after their shipping was delayed.
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