OFW remittances reach record-high of $38.34 billion in 2024, says BSP
Data from the Bangko Sentral ng Pilipinas (BSP) released on Monday, February 17, showed that personal remittances from overseas Filipino workers increased by 3%, reaching an all-time high of $38.34 billion in 2024, up from $37.21 billion recorded the previous year.
The record monthly remittance inflow of $3.73 billion in December 2024 significantly boosted the total for the year, stated the BSP. In comparison, December 2023 recorded remittances of $3.62 billion.
The central bank attributed this increase to higher remittances from land- and sea-based workers.
'The full-year 2024 remittances represented 8.3% and 7.4% of the country's Gross Domestic Product (GDP) and Gross National Income (GNI), respectively,' BSP said.
Get the latest news instantly on your phone — join The Filipino Times WhatsApp channel now!
Personal remittances include cash sent through banks, informal channels, and remittances in kind.
Cash remittances sent through banks amounted to $3.38 billion in December 2024, a 3% increase compared to the $3.28 billion recorded in December 2023. For full-year 2024, cash remittances also rose to $34.49 billion, a 3% increase from 2023's $33.49 billion.
'The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates mainly contributed to the increase in remittances in 2024,' the BSP said, noting that the US continued to be the largest source of overall cash remittances, followed by Singapore and Saudi Arabia.
According to the World Bank, the Philippines ranked fourth among the top five recipient countries for remittances in 2024, with an estimated inflow of $40 billion. India led the list with $129 billion, followed by Mexico with $68 billion and China with $48 billion. Pakistan rounded out the top five with $33 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Filipino Times
14 hours ago
- Filipino Times
Pag-IBIG reports strong Q1, urges members to maximize MP2 savings and home loans
The Pag-IBIG Fund, on June 9, 2025, held a media roundtable at The Manila Hotel to strengthen ties with its media partners and highlight its latest milestones. The event brought together representatives from print, digital, and radio platforms, providing an opportunity to share updates on the agency's recent achievements and to reinforce support in promoting its services and programs for Filipino members. Speakers and attendees of the Pag-IBIG Fund's event. The session opened with remarks from Mr. Alexander Hilario G. Aguilar, Deputy Chief Executive Officer for Marketing, Product Development, and Sales. Pag-IBIG Fund's CEO, Marilene C. Acosta, delivered the keynote speech, thanking media partners and reporting the Fund's performance. Mr. Domingo C. Jacinto Jr., Vice President for Public and Member Relations, led the discussion on the benefits of Pag-IBIG membership and answered questions during the open forum. Ms. Janice Anne P. Delmo, Department Manager III of the Public and Media Affairs Office, closed the program with acknowledgments and a message of continued collaboration. The gathering was also an opportunity for the media to clarify processes and updates related to Pag-IBIG programs, providing feedback and helping bridge the information gap for Filipino workers, both in the country and overseas. Strong first quarter performance Pag-IBIG Fund reported that it released P30.22 billion in home loans from January to March 2025. This marks an increase of over 8 percent compared to the P28.09 billion disbursed during the same period last year. The housing loans helped more than 20,000 members acquire their own homes during the first three months of the year. In support of the government's Pambansang Pabahay para sa Pilipino (4PH) program, Pag-IBIG also released nearly P988 million in housing loans, benefitting over 600 families. Under the 4PH program, the agency works with developers, contractors, and local governments to build affordable housing communities for qualified Filipino workers. The Pag-IBIG Fund has secured a PHP 250-billion funding commitment covering the period from 2023 to 2028. Assets surpass P1.1 trillion As of March 31, 2025, Pag-IBIG Fund's total assets exceeded P1.1 trillion, a growth of more than P34 billion in just three months. This growth was driven by increased home loans, income from strategic investments, and higher savings collections from its members. Pag-IBIG Fund statistics in 2024. The agency reported a strong equity base of P776.52 billion and a total of P21.29 billion in cash and cash equivalents. Its investment portfolio expanded to P133.06 billion, showing a strong focus on financial sustainability. Growing member savings and services In the first quarter alone, Pag-IBIG Fund collected P40.41 billion in membership savings, a 41 percent jump compared to the same period in 2024. The agency also maintained a strong performing loans ratio of over 94 percent, which indicates that most members are paying their loans on time. Pag-IBIG Fund members become first-time homeowners, with 1,159 approved loans. During the gathering, the media were also informed that Pag-IBIG Fund is actively encouraging more members to grow their savings through its MP2 Savings Program—a voluntary savings scheme with higher dividend rates than regular savings. The agency aims to increase participation in the MP2 program in the coming months. Participants were also reminded of the benefits of owning a Pag-IBIG Loyalty Card Plus. The card allows members to access discounts on groceries, fuel, travel, tuition fees, and more from partner establishments in the Philippines and abroad. Your Pag-IBIG Fund statistics in 2024. Assurance on funds management Pag-IBIG Fund clarified that all contributions are handled solely by the agency and are not transferred or managed by other government offices. Contributions are invested prudently and are used to fund housing loans, savings programs, and income-generating investments that benefit all members without the influence of other government bodies. Benefits of being a Pag-IBIG member Filipinos abroad can continue saving and applying for loans through Pag-IBIG Fund via its online platforms. They may register and pay contributions through remittance centers and partner banks. Online services are also available through the Virtual Pag-IBIG platform, allowing members to monitor their savings, apply for loans, and update records without needing to visit a branch. The benefits of being a Pag-IBIG member include access to housing loans, short-term loans, regular and MP2 savings programs, annual dividends, and partner discounts through the loyalty card. These benefits are available as long as the member consistently pays their monthly contributions, which start at as low as P100.
Filipino Times
a day ago
- Filipino Times
DMW breaks ground on new central office to enhance services for OFWs
Migrant Workers Secretary Hans Leo J. Cacdac led the groundbreaking ceremony for the future ten-story Central Office of the Department of Migrant Workers (DMW) and the National Reintegration Center for OFWs (NRCO) at the Occupational Safety and Health Center compound along Agham Road, Quezon City. Joining Secretary Cacdac were key officials, including OWWA Administrator Patricia Yvonne Caunan, Trade Secretary Cristina Aldeguer-Roque, OIC Labor Secretary Benjo Santos Benavidez, TESDA Deputy Director General Felizardo Colambo, CHR Chairperson Richard Palpal-Latoc, and representatives from the NRCO. All reaffirmed their strong support for the DMW's mission to deliver holistic programs and services for overseas Filipino workers (OFWs) and their families, in observance of the 30th Migrant Workers' Day. The upcoming DMW headquarters—strategically located in Quezon City—will be able to serve more OFWs and will include a wellness center to address the health and medical needs of OFWs and their dependents. Slated for completion in 2027, the project is being carried out under the directive of President Ferdinand R. Marcos Jr., who has emphasized the importance of providing streamlined services and accessible reintegration programs to honor the sacrifices of Filipino migrant workers.
Filipino Times
3 days ago
- Filipino Times
DMW Secretary meets OFWs affected by the Al Barsha fire
Department of Migrant Workers (DMW) Secretary Hans Leo J. Cacdac personally met with Overseas Filipino Workers (OFWs) affected by the recent fire in Al Barsha 1 during the third batch of emergency assistance held on 31 May 2025 at the Migrant Workers Office (MWO) in Dubai. Secretary Cacdac expressed his deep empathy for the victims and inquired about their current condition and needs following the tragic incident. He noted that most of the OFWs residing in the affected building were living in shared accommodations, often referred to as 'partitions,' which offer more affordable housing. During the gathering, Secretary Cacdac also announced that financial assistance will not only be provided to the affected OFWs in Dubai but also extended to their families in the Philippines. This move aims to help ease the economic burden on families who have been impacted by the unfortunate event. Tragically, two OFWs lost their lives during the fire. The remains of one of the deceased were successfully repatriated on 26 May 2025 through the AKSYON Fund. The repatriation of the second casualty will be facilitated by the Overseas Workers Welfare Administration (OWWA), with assistance from MWO Dubai for all necessary documentation and coordination with the bereaved family. DMW will likewise extend assistance to the NOK of the fatalities. In addition, the Secretary met with five (5) OFWs who were injured during the explosion and were rushed to Rashid Hospital then transferred to Jebel Ali Hospital. Most of the injuries were minor, and the victims have since been discharged. These individuals were also among the recipients of emergency assistance during the third distribution. The third batch of emergency assistance benefited 145 OFWs, bringing the total number of assisted individuals to 484. This follows the 198 OFWs served during the first batch and 141 during the second. All assistance was made possible through the AKSYON Fund, the DMW's dedicated financial aid program for distressed migrant workers. The Al Barsha fire, which occurred on 13 May 2025, affected hundreds of Filipino residents, prompting a swift and coordinated response from the DMW, through MWO Dubai. The Department continues to work closely with UAE authorities and local partners to ensure that all affected OFWs receive the support necessary to recover and rebuild their lives.
