MANILA, Jan. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.12 billion U.S. dollars in November 2024, 3.5 percent higher than the 3.02 billion dollars recorded in November 2023, the Philippine central bank said Wednesday.

"The expansion was seen in remittances from both land-based and sea-based workers," the Bangko Sentral ng Pilipinas (BSP) said.

The BSP said the cumulative personal remittances rose by 3 percent to 34.61 billion dollars from January to November 2024, from 33.59 billion dollars recorded in the same period of 2023.

The BSP said the growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates contributed mainly to the spike in remittances in January-November 2024.

With an estimated 10 million Filipinos living or working overseas, personal remittances remain vital to the Philippines' foreign exchange source.

According to the Asian Development Bank, the Philippines is among the top 10 global recipients of remittances.

The BSP data showed that personal remittances from overseas Filipinos reached an all-time high of 37.2 billion dollars in 2023, 3 percent higher than the amount recorded in 2022. The full-year 2023 remittances represented 8.5 percent of the country's gross domestic product. Enditem

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