Personal remittances from overseas Filipino workers (OFWs) rose by 2.6% to US$3.02 billion in February 2025, up from US$2.95 billion in the same month last year, the Bangko Sentral ng Pilipinas (BSP) announced.
This steady growth pushed cumulative remittances for the first two months of the year to US$6.27 billion, an increase of 2.7% from US$6.10 billion recorded during January-February 2024.
National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan welcomed the BSPβs report, emphasizing the broader significance of this sustained growth.
βThe 2.6% year-on-year increase in Filipino remittances in February 2025βclosely following Januaryβs 2.9% growthβunderscores 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,β Balisacan said.
According to the BSP, both land-based and sea-based workers contributed to the increase in personal remittances.
Cash remittances sent through banks reached US$2.72 billion in February 2025, rising by 2.7% from US$2.65 billion a year earlier. On a year-to-date basis, cash remittances totaled US$5.63 billion for January and February 2025, a 2.8% increase from the US$5.48 billion posted in the same period last year.
The BSP highlighted that growth in cash remittances was mainly driven by higher inflows from key labor markets such as the United States, Saudi Arabia, Singapore, and the United Arab Emirates.
By country, the United States remained the largest source of remittances during the first two months of 2025, followed by Singapore and Saudi Arabia.
