MANILA -- The Philippine central bank said Monday that personal remittances from overseas Filipinos in 2024 reached a record high of $38.34 billion, a 3 percent increase from 2023, representing 8.3 percent of the country's gross domestic product (GDP).

The Bangko Sentral ng Pilipinas (BSP) said personal remittances from overseas Filipinos reached an all-time high of $3.73 billion in December 2024, 3 percent higher than the $3.62 billion recorded in December 2023.

The BSP said the growth in cash remittances from the United States, Saudi Arabia, Singapore and the United Arab Emirates contributed mainly to the spike in remittances in 2024.