The personal remittances received in the Philippines increased by 1.1 billion U.S. dollars (+2.8 percent) since the previous year. While the growth is slowing down, with 39.1 billion U.S. dollars, the personal remittances received are at their peak in the observed period. Personal remittances comprise personal transfers and compensation of employees. Personal transfers include all current transfers between resident and nonresident individuals, while the compensation of employees refers to the income of employees who are employed in an economy where they are not resident, as well as of resident employees employed by nonresident entities.Find more statistics on other topics about the Philippines with key insights such as total reserves, share of value added by the manufacturing industry to the gross domestic product, and gross savings.

Overseas Filipino workers (OFWs) based in the United States were the leading source of remittances received by the Philippines in 2023. Remittances from the U.S. amounted to around 13.71 billion U.S. dollars. Singapore follows, with remittances amounting to around 2.36 billion U.S. dollars. Economic contribution of remittances  Remittances, in case or kind, have been a fundamental source of income in the Philippines. In fact, in 2020, the county ranked second to India when it comes to the total personal remittances received in the Asia Pacific region. Overall, personal remittances contributed about nine percent to the country's GDP. Demographics of OFWs  Of the 2.33 million Filipino labor migrants employed worldwide in 2023, women accounted for the higher share of OFWs compared to men. In terms of age, most women OFWs were between the age of 30 and 34, while the majority of male OFWs were 45 years old and above.

According to the preliminary figures reported for 2023, the value of cash remittances sent to the Philippines by overseas workers reached approximately 33.5 billion U.S. dollars. Most of these remittances came from land-based overseas Filipino workers (OFWs).

Remittances in Philippines increased to 3379818 USD Thousand in December from 2808335 USD Thousand in November of 2024. This dataset provides - Philippines Remittances - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The value of remittances to the Philippines outweighed the value sent to other countries about 70 times in 2021, according to a ranking that maps the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For the Philippines, the top five recipient countries for remittances in 2021 included China, Japan, the United States, India, and South Korea. The Philippines' main sources for remittances were the United States, Saudi Arabia, Canada, the United Arab Emirates, and Australia.

The personal remittances received as share of the gross domestic product in the Philippines decreased to 8.94 percent compared to the previous year. In 2023, the personal remittances received thereby reached their lowest value in recent years. Personal remittances refer to personal transfers – whether in cash or in kind – sent from a non-resident person to a resident. The indicator also includes the compensation of employees who do not reside in the country of employment. These employees are usually border, seasonal, short-term workers, or residents who are employed by entities registered abroad.Find more statistics on other topics about the Philippines with key insights such as charges for the use of intellectual property, annual growth of gross capital formation, and personal remittances received.

Philippines PH: BOP: Current Account: Personal Remittances: Received data was reported at 32.810 USD bn in 2017. This records an increase from the previous number of 31.142 USD bn for 2016. Philippines PH: BOP: Current Account: Personal Remittances: Received data is updated yearly, averaging 5.360 USD bn from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 32.810 USD bn in 2017 and a record low of 339.000 USD mn in 1977. Philippines PH: BOP: Current Account: Personal Remittances: Received data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank: Balance of Payments: Current Account. Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees. Data are in current U.S. dollars.; ; World Bank staff estimates based on IMF balance of payments data.; Sum; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Philippines OR: Cash: Seabased: ME: Oman data was reported at 0.736 USD mn in 2017. This records a decrease from the previous number of 0.769 USD mn for 2016. Philippines OR: Cash: Seabased: ME: Oman data is updated yearly, averaging 0.004 USD mn from Dec 1989 (Median) to 2017, with 29 observations. The data reached an all-time high of 0.769 USD mn in 2016 and a record low of 0.000 USD mn in 2014. Philippines OR: Cash: Seabased: ME: Oman data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.JB038: Overseas Contract Workers: Remittances: Annual.

Philippines OR: Cash: Seabased: Europe: Spain data was reported at 2.489 USD mn in 2017. This records an increase from the previous number of 0.474 USD mn for 2016. Philippines OR: Cash: Seabased: Europe: Spain data is updated yearly, averaging 0.128 USD mn from Dec 1989 (Median) to 2017, with 29 observations. The data reached an all-time high of 4.158 USD mn in 2009 and a record low of 0.000 USD mn in 1997. Philippines OR: Cash: Seabased: Europe: Spain data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.JB038: Overseas Contract Workers: Remittances: Annual.

Money transfers to other countries outside the United States were nearly 30 times higher in 2021 than money received. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For the United States, the top five recipient countries for remittances in 2021 included Mexico, India, Guatemala, the Philippines, and China. The five main sources for remittances in the U.S. were Mexico, Canada, the UK, Puerto Rico, and Germany.

India was Canada's main destination for remittances in 2021, according to a country ranking on the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Canada, the top five recipient countries for remittances in 2021 included India, the Philippines, China, France, and Pakistan. Canada's five main sources for remittances were - by a large margin - the United States, followed by the UK, Australia, France, and Italy.

Philippines BoP: Annual: Memo Items: Personal Remittances data was reported at 31.288 USD bn in 2017. This records an increase from the previous number of 29.706 USD bn for 2016. Philippines BoP: Annual: Memo Items: Personal Remittances data is updated yearly, averaging 21.922 USD bn from Dec 2005 (Median) to 2017, with 13 observations. The data reached an all-time high of 31.288 USD bn in 2017 and a record low of 13.095 USD bn in 2005. Philippines BoP: Annual: Memo Items: Personal Remittances data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.JB002: Balance of Payments: BPM6: Annual.

Preliminary figures for 2023 revealed that Filipinos working in the United States sent around 13.71 billion U.S. dollars in cash remittances to the Philippines in 2023. The cash remittances from OFWs in the U.S. gradually increased.

Philippines PH: BoP: Current Account: Secondary Income: Financial Corporations, Non Financial Corporations, Households & NPISHs: Personal Transfers: ow Workers Remittances: Credit data was reported at 24.090 USD bn in 2017. This records an increase from the previous number of 23.152 USD bn for 2016. Philippines PH: BoP: Current Account: Secondary Income: Financial Corporations, Non Financial Corporations, Households & NPISHs: Personal Transfers: ow Workers Remittances: Credit data is updated yearly, averaging 569.000 USD mn from Dec 1977 to 2017, with 41 observations. The data reached an all-time high of 24.090 USD bn in 2017 and a record low of 59.000 USD mn in 1984. Philippines PH: BoP: Current Account: Secondary Income: Financial Corporations, Non Financial Corporations, Households & NPISHs: Personal Transfers: ow Workers Remittances: Credit data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Philippines – Table PH.IMF.BOP: BPM6: Balance of Payments: Detailed Presentation: Annual.

Preliminary figures revealed that the total value of cash remittances sent to the Philippines by overseas Filipino workers (OFWs) in Canada amounted to approximately 1.21 billion U.S. dollars in 2023. Cash remittances by OFWs in Canada gradually increased since 2016.

Preliminary figures for 2023 revealed that Filipinos working in the United Arab Emirates (UAE) sent around 1.35 billion U.S. dollars in cash remittances to the Philippines. As of 2016, Filipinos that sought employment across the globe amounted to about 1.3 million people.

Preliminary figures for 2023 revealed that Filipinos working in Singapore sent around 2.36 billion U.S. dollars in cash remittances to the Philippines. The amount of cash remittances sent to the Philippines from Singapore has been increasing since 2014.

OR：现金：海基：ME在12-01-2017达46.228百万美元，相较于12-01-2016的38.969百万美元有所增长。OR：现金：海基：ME数据按年更新，12-01-1989至12-01-2017期间平均值为4.621百万美元，共29份观测结果。该数据的历史最高值出现于12-01-2017，达46.228百万美元，而历史最低值则出现于12-01-1998，为0.015百万美元。CEIC提供的OR：现金：海基：ME数据处于定期更新的状态，数据来源于Bangko Sentral ng Pilipinas，数据归类于Global Database的菲律宾 – Table PH.JB038：海外契约劳工：汇款：年度。

Remittance outflow from the Kingdom of Saudi Arabia were nearly 160 times larger than the value of incoming remittances, with most the KSA's outflow going to India in 2021. This is according to a ranking that attempts to map out the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Saudi Arabia, the top five recipient countries for remittances in 2021 were largely found in Asia as it included India, Egypt, Pakistan, Bangladesh, and the Philippines. Saudi Arabia's main sources for remittances were the United States, Turkey, Libya, and the United Kingdom.

Preliminary figures revealed that the total value of cash remittances to the Philippines sent by overseas Filipino workers in Israel amounted to about 109 million U.S. dollars in 2023, slightly lower than the previous year. Cash remittances by OFWs in Israel peaked in 2017.