• Remittances sent home by Filipinos abroad eased to $3 billion in November 2023, reaching their lowest level in six months despite the holiday season.
  • Data from the Bangko Sentral ng Pilipinas (BSP) showed that personal remittances – the sum of net compensation of employees, personal transfers, and capital transfers between households – amounted to just $3.02 billion in November 2023.
  • This is 2.9 percent higher than the $2.93 billion in the same period in 2022, but slower than the 3.1-percent expansion recorded in October 2023.
  • The latest remittance figure was also the lowest recorded in six months or since the $2.78 billion in May 2023.