Personal remittances from Overseas Filipinos (OFs) reached USD3.02 billion in February 2025, marking a 2.6 percent increase from the USD2.95 billion recorded in the same month last year, the Bangko Sentral ng Pilipinas (BSP) reported. The continued growth in remittances remains a crucial source of foreign exchange for the economy.
According to the BSP, both land-based and sea-based workers contributed to the uptick in inflows, reinforcing the consistent role of OFs in supporting household consumption and the broader economy.
Cumulatively, personal remittances for January to February 2025 climbed to USD6.27 billion, up 2.7 percent from USD6.10 billion during the same period in 2024.
Meanwhile, cash remittances coursed through banks grew by 2.7 percent to USD2.72 billion in February 2025 from USD2.65 billion a year earlier. On a year-to-date basis, bank-processed remittances rose 2.8 percent to USD5.63 billionfrom USD5.48 billion in the first two months of 2024.
The BSP attributed the increase in remittances to higher inflows from key labor markets including the United States, Saudi Arabia, Singapore, and the United Arab Emirates (U.A.E.). The U.S. remained the top source of cash remittances, followed by Singapore and Saudi Arabia. However, the BSP noted that some data limitations exist, as remittances sent through intermediaries may be recorded under countries where the final correspondent banks are located—often in the U.S.
Remittances have long played a vital role in bolstering the country’s gross international reserves, supporting the peso, and driving domestic consumer spending—all of which are essential to the Philippines’ economic resilience amid global uncertainties.
