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Overseas Filipinos’ cash remittances grew 2.8 percent to $30.211 billion by the end of November last year, according to the Bangko Sentral ng Pilipinas (BSP).
In November alone, remittances sent through official banking channels saw a 2.8 percent rise to $2.719 billion.
Meanwhile, personal remittances, which encompass transfers not transacted via banking networks, climbed by 2.9 percent to $33.585 billion from January to November.
BSP data showed that personal remittances for November increased by 2.9 percent to $3.017 billion from $2.931 billion.
These remittances are computed as the sum of an overseas Filipino’s net compensation, including personal and capital transfers between households.
Throughout the 11-month period, the central bank noted that land-based workers with contracts of one year or more transferred personal remittances of $26.1 billion, marking a three percent year-on-year increase. Sea- and land-based workers with contracts of less than one year sent home $6.8 billion, reflecting a 2.3 percent increase.
Cash remittances by land-based workers totaled $24 billion as of end-November, while sea-based workers also contributed $6.2 billion, a 1.9 percent increase from $6.1 billion.
The growth in cash remittances was primarily driven by transfers from the US, Singapore, Saudi Arabia, Japan, and the United Kingdom.
Over the 11-month period, approximately 41.2 percent of remittances came from Filipinos based in the US. Other significant contributors included Singapore (6.9 percent), Saudi Arabia (six percent), Japan (five percent), and the United Kingdom (4.7 percent).
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