Personal remittances from overseas Filipino workers (OFWs) rose by 2.6% to US$3.02 billion in February 2025 from US$2.95 billion in February last year, the Bangko Sentral ng Pilipinas (BSP) reported.
Total remittances for January to February 2025 reached US$6.27 billion, a 2.7% increase from US$6.10 billion in the same period last year.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan welcomed the growth.
“The 2.6% year-on-year increase in Filipino remittances in February 2025—closely following January’s 2.9% growth—underscores not only the resilience of overseas Filipinos amid global challenges, but also their deep sense of responsibility, adaptability, and enduring commitment to support their families back home,” said Balisacan.
The BSP noted that both land- and sea-based OFWs contributed to the increase.
Cash remittances sent through banks hit US$2.72 billion in February 2025, up 2.7% from US$2.65 billion a year earlier. For the first two months of 2025, cash remittances grew by 2.8% to US$5.63 billion, from US$5.48 billion in 2024.
The growth was driven mainly by remittances from the US, Saudi Arabia, Singapore, and the UAE. The US remained the top source of cash remittances, followed by Singapore and Saudi Arabia.IMT
