MANILA – Personal remittances from Filipinos abroad reached an all-time high last year on the back of the increased deployment of overseas workers, the Bangko Sentral ng Pilipinas (BSP) said Thursday.
Data from the BSP showed that personal remittances from overseas Filipino workers (OFWs) amounted to $37.2 billion, up by 3 percent from $36.1 billion in 2022.
“The robust inward remittances reflected the rise in the deployment of OFWs due to the continuous increase in demand for foreign workers in host countries,” the BSP said.
The BSP said the full-year 2023 remittances accounted for about 8.5 percent and 7.7 percent of the country’s gross domestic product and gross national income, respectively.
Cash remittances coursed through banks reached $33.5 billion last year, higher by 2.9 percent from the $32.5 billion in 2022.
“The growth in cash remittances from the United States, Saudi Arabia, and United Arab Emirates (UAE) contributed mainly to the increase in remittances in 2023,” the central bank said.
The central bank added the US had the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, Japan and the United Kingdom.
