Cash remittances from overseas Filipino workers (OFWs) grew by 2.6 percent in March 2025, reaching USD2.81 billion compared to USD2.74 billion in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP).
Including in-kind transfers, total personal remittances also rose by 2.6 percent to USD3.13 billion from USD3.05 billion in March 2024. The increase came from both land-based and sea-based workers.
From January to March, cash remittances totaled USD8.44 billion, up 2.7 percent year-on-year. Personal remittances during the same period also rose 2.7 percent to USD9.40 billion.
“The growth in cash remittances from the United States, Singapore, Saudi Arabia, and the United Arab Emirates was the main driver of the overall increase in remittances during January-March 2025,” the BSP said.
The United States remained the top source of remittances, followed by Singapore and Saudi Arabia.
Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that even with modest growth, remittances continue to support the Philippine economy.
“Total OFW remittances account for nearly 10 percent of the country’s economy as an important contributor to the country’s consumer spending, which accounts for nearly 75 percent of the Philippine economy and also as a source of incomes, wealth, and spending power for many Filipino families around the country for many years,” Ricafort said.