2024 remittances post continuing rise - BSP

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.

A number of overseas Filipino workers lamented the delayed delivery, and even the loss of balikbayan boxes, meant for their families back home during a hearing at the House of Representatives in early February.

Cacdac said over 5,000 more boxes are pending for delivery, half of these still at the Davao Port.

“Aside from this, we provide action funds kasi nabiktima ng scam itong mga OFW families natin nagbayad na dun door-to-door tapos hindi nakarating sa Philippine door,” the secretary told a televised government briefing on Monday.

[Translation: Aside from this, we provide action funds because those OFW families were scam victims. They paid door-to-door delivery but it did not come to the OFW’s house in the Philippines.]