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Source Louisa Maria Jasinda c. Jackson, Reporter
Sending money from Foreign Philippines workers (ofws) $ 34.49 billion at all times
In the same month in 2023, the money shipped by banks via banks in December was 3% to $ 3.38 billion. This is the highest monthly level to send money.
It brought a full year of money to $ 34.49 billion, which increased by $ 33.49 billion released in 2023.
It was the forecasting development of the Bahujan Samaj Party’s 3% of the money and its full -year plan, $ 34.5 billion.
“This increase was seen in sending money from both land -based and marine workers,” the Bahujan Samaj Party said.
In December alone, sending money from land -based workers rose 3.7% per year to $ 2.71 billion.
For the entire year, sending money from land -based workers increased from $ 26.64 billion in 2023 to 3.4% to $ 27.55 billion.
Meanwhile, the money sent by marine workers increased by 0.65% to $ 669.28 million in December, with $ 6.94 billion in the entire year.
Personal payment, which includes credits, increased by 3% in December to $ 3.73 billion.
At the end of -2024, personal payment increased by 3% to $ 38.34 billion to $ 37.21 billion in the previous year. It was all over time to send personal money.
Money sending is 8.3% and 7.4% in GDP (GDP), respectively, respectively, and GDI (GNI).
“The growth of money from the US, Saudi Arabia, Singapore and the United Arab Emirates contributed mainly to the increase in money laundering by 2024,” the Central Bank said.
The United States was the best source of sending money last year, with 40.6% of the total.
This is followed by Singapore (7.2%), Saudi Arabia (6.4%), Japan (4.9%) and the United Kingdom (4.7%).
Other sources for sending money include the United Arab Emirates (4.4%), Canada (3.6%), Qatar (2.8%), Taiwan (2.7%) and South Korea (2.5%).
“The development of cash transfers by 2024 reflects the continuous setback of the Offws in supporting the Philippines economy,” senior research at the Philippines Development Studies Institute said. Said Rivera.
“Longed economic recovery in the United States, the Middle East and the Asia-Pacific has led to higher wages and employment opportunities, increasing the sending of money,” he said.
Mr. Rivera said in the last few months of the year, the weak Peso and the value of sending home were increased.
At the end of -2024, P57.845 was closed against the Peso dollar, with its end -2023 to 4.28% from the end of P55.37. It fell to a large position of P59-three times last year.
Risal Commercial Banking Corporation Chief Economist Michael L. According to Riccard, the seasonal factors have increased in the sending of money in the midst of the holidays.
“Seeing a seasonal improvement for December, because the offws sent additional funds for holidays and additional funds for family support. The acceptance of digital money sending sites quickly and cheaply promoted more money,” Mr. Rivera added.
For this year, Mr. Rivera said sending money could be a constant growth drive.
“The need for foreign labor, especially in health care, technology and efficient trade. The most favorable exchange rates will encourage more money to send more money.
Mr. Ricord said that sending money “is growing 3% of the latest months and years.
However, US President Donald J. The global uncertainty that emerged from Trump’s trade policies could weigh money. Said the Ricord.
“Mr. Threats of Trump’s highest fees and the US-first policies will reduce employment and entire global economic growth, including global trade, investments and work jobs, ”he said.
Mr. Mr. Krishnan has to impose mutual fees at all US imports. This is after setting a 10% fee of all Chinese imports that came into effect earlier this month.
Mr. Rivera also noted that geopolitical tensions and global economic downturn could reduce growth in sending money.
“Overall, send money is expected to maintain moderate growth by 2025, which avoids major economic disruption. Fixed visits will continue to support household expenses, which will help you run consumption -led growth,” Mr. Rivera added.
The Central Bank expects to increase money money this year by 3%.
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