Based on BSP data, personal remittances amounted to $3.12 billion in November 2024, 3.5 percent higher than the $3.02 billion in the same month in 2023.
However, the latest figure was 8.8 percent lower than the $3.42 billion recorded a month ago. It also marked the lowest recorded in six months or since the $2.88 billion in May 2024.
The central bank attributed the year-on-year growth in remittances to the 3.7 percent increase in remittances sent by land-based workers with work contracts of one year or more, to $2.4 billion.
Similarly, remittances from sea and land-based workers with work contracts of less than one year grew by 1.7 percent to $650 million.
This story is from the January 16, 2025 edition of The Philippine Star.
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This story is from the January 16, 2025 edition of The Philippine Star.
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