Philippine remittances up 2.9% to $3b in November: central bank

Cumulative personal remittances grew to $33.6b in the first 11 months of 2023.

Personal remittances from Filipinos living and working overseas reached $3b in November, 2.9% higher than the $2.9b in November 2022, according to central bank data.

The growth in personal remittances was due to a rise in money sent by land-based workers with work contracts of more than one year, the Bangko Sentral ng Pilipinas (BSP) said. There was also a rise in money sent by sea- and land-based workers with work contracts of less than a year.

Cumulative personal remittances grew 2.9% to $33.6b in the first 11 months of 2023, higher than the $32.6b recorded in the same period in 2022.

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Cash remittances through banks increased by 2.8% to $2.7b for November, due to increased receipts from land and sea-based workers.

On a year-to-date basis, cash remittances reached US$30.2b for the first eleven months of 2023, higher by 2.8%than the year-ago level of US$29.4b.