Despite a slight drop in November 2024, cash remittances from Filipinos abroad are expected to surge in December, driven by the Christmas season. The Bangko Sentral ng Pilipinas (BSP) reported a 3.3% increase in cash remittances to $2.81 billion in November, but experts attribute the dip to October typhoons and potential savings for the holidays.
Some Filipinos abroad may have set aside more money to send home for Christmas , as remittance flows dipped in November 2024, according to data from the Bangko Sentral ng Pilipinas ( BSP ). Cash remittances climbed to $2.81 billion in November 2024, a 3.3 percent rise from $2.72 billion in November 2023. Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M.
Opiniano told the BusinessMirror that the decline in cash remittances during November could be attributed to a series of typhoons that devastated the country in October. 'But it appears some compatriots abroad saved remitting some amounts—perhaps for Christmas,' Opiniano stated, noting that Filipinos wired more money to their families in October. With the peso depreciating to nearly P59 per dollar in November, remittances may have also surged, 'giving more bang for overseas Filipinos’ buck,' Opiniano added. While this could benefit Filipinos receiving money from abroad as the value of the peso increases, Opiniano cautioned that this could be detrimental to importers.During the first eleven months of the year, cash remittances surged by 3 percent to $31.11 billion from $30.21 billion recorded during the same period in 2023. The BSP indicated that the growth in cash remittances from the United States (US), Saudi Arabia, Singapore, and the United Arab Emirates (UAE) fueled the increase in remittances from January to November 2024. The US accounted for the largest share of overall cash remittances during the 11-month period at 40.9 percent, followed by Singapore (7.1 percent) and Saudi Arabia (6.3 percent) in terms of country sources. Meanwhile, personal remittances from overseas Filipinos increased by 3.5 percent to $3.12 billion in November 2024 from $3.02 billion in November 2023. Cumulative remittances reached $34.61 billion in January to November 2024, a 3 percent rise compared to the $33.59 billion recorded during the same period in 2023. 'The rise in remittances aligns with the full-year projected growth of 3.0 percent in 2024,' the BSP stated.In December, Opiniano anticipates cash remittances to further increase as Filipinos abroad send more money home. With excess remittances, Opiniano said that the government and the private financial sector have long known what to do with them. Whether it is financial literacy programs, entrepreneurship, or investment products, Opiniano questioned if the utilization of remittances for such 'productive' purposes has reached a plateau
Remittances Philippines Christmas BSP Peso Depreciation Typhoons
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