BSP says PH 2024 personal remittances reached over $38-B

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Transcript

00:00The migrant workers sector is the God-sent gift that keeps on giving.

00:04Without it, or sans OFW remittances, the country's economy is either sunk or could barely keep afloat.

00:10Our Noel Talacay runs down the record high numbers,

00:13each one better than the one or year before the sector posts each year.

00:20According to Banco Central or BSP Records,

00:23personal remittances in 2024 summed up to over 38 billion US dollars,

00:28a record high per the Banco Central.

00:30In a statement, the BSP says that

00:33land-based and sea-based workers put in the greatest contribution

00:37on the latest remittance account from migrant workers.

00:40Based on the data from the BSP,

00:42the personal remittances from overseas Filipino workers in 2024 grew 3% from 2023.

00:50With this, one of the economists in the country says

00:53the current performance of the country's personal remittance

00:56is an indication that the Philippines economy is in good standing.

01:00And he agrees seafarers and other overseas Filipino workers

01:03have the greatest contribution to the growth of personal remittances sector.

01:08That's what brings our economy.

01:10Because they are the ones to buy.

01:13Higher incomes, nice houses,

01:15that's why their children are being sent to good schools.

01:18Their purchasing power is good.

01:20But he's worried the new pronouncement of US President Donald Trump

01:24that he will implement stricter policy on immigration.

01:27Rickerford says this might be a risk to the economy

01:30with OFW remittances and US investment into the countries likely to stall.

01:36As long as it's America First policy,

01:39that's where the work will be profitable for the Americans.

01:42That's where there will be fill-ups for US citizens.

01:46As long as the work is there,

01:49the investment, as long as Trump wants it, is there.

01:52According to the BSP,

01:54the US has the biggest slice on cash remittances into the country

01:58with a 40% of total cash remittance receipts last year.

02:03According to economist Michael Rickerford,

02:06he is confident that the good performance of the country's personal remittance

02:09will continue in the coming years.

02:11He stated that the Philippines is now at rank number 4

02:15in terms of remittances worldwide.

02:17Noel Talacay from the National TV Network for New and Better Philippines.

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Transcript

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