MANILA — The amount of money sent home by Filipinos working abroad hit a record high in 2024, data showed on Monday, boosting a key part of the nation’s economy as more people headed overseas in the wake of the COVID pandemic and as the value of the peso depreciated.
Figures from the country’s central bank showed personal remittances — including cash sent through informal channels — rose 3% to an all-time peak of $38.34 billion in 2024. Of that, cash remittances sent by land-based and sea-based workers through the banking system grew 3% to $34.49 billion.
