Economy

Philippine remittances hit record in 2024 on weak peso

Overseas workers in U.S. remain top source but Trump immigration policy looms

20250217 Philippine central bank

Figures from Bangko Sentral ng Pilipinas, the Philippines' central bank, show overseas workers sent home a record amount of money in 2024. © Reuters

RAMON ROYANDOYAN
February 17, 2025 20:39 JST

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.

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