Personal remittances from Overseas Filipinos (OFs) posted a new record high of $3.6 billion in December 2023, up by 3.9 percent from the $3.5 billion recorded in December 2022.
The growth in personal remittances in the last month of 2023 was driven by increased remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.
Cumulatively, personal remittances also reached an all-time high of $37.2 billion, a 3.0 percent increase from $36.1 billion in 2022.
The robust inward remittances reflected the rise in the deployment of OF Workers (OFW) due to the continuous increase in demand for foreign workers in host countries.
The full-year 2023 remittances represented 8.5 percent and 7.7 percent of the country’s Gross Domestic Product (GDP) and Gross National Income (GNI), respectively.
Of the personal remittances from OFs, cash remittances coursed through banks reached $3.3 billion in December 2023, higher by 3.8 percent than the $3.2 billion recorded in the same month last 2022.
The growth in cash remittances in December 2023 was primarily due to increased receipts from both land- and sea-based workers.
On a year-to-date basis, cash remittances reached $33.5 billion in 2023, a 2.9 percent growth from $32.5 billion in 2022.
The growth in cash remittances from the United States, Saudi Arabia, and United Arab Emirates contributed mainly to the increase in remittances in 2023.
In terms of the countries where these remittances originate, the US had the highest share of overall remittances during the period, followed by Singapore, and Saudi Arabia.
