Personal remittances from overseas Filipino workers (OFWs) grew by 2.6 percent to US$3.02 billion in February 2025, up from the US$2.95 billion registered in February 2024, the Bangko Sentral ng Pilipinas (BSP) announced.

The cumulative remittances also reached US$6.27 billion in January-February 2025, higher by 2.7 percent than the US$6.10 billion recorded in January-February 2024, the BSP said on Tuesday.

The Philippines’ chief economist was elated by the BSP announcement.

“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 National Economic and Development Authority Secretary Arsenio M. Balisacan.

In a statement, the BSP said both land-based and sea-based workers contributed to the increase in remittances.

Of the personal remittances from OFWs, cash remittances coursed through banks reached US$2.72 billion in February 2025, higher by 2.7 percent than the US$2.65 billion posted in February 2024.

On a year-to-date basis, cash remittances rose by 2.8 percent to US$5.63 billion in January-February 2025, from the US$5.48 billion registered in January-February 2024.

The growth in cash remittances from the US, Saudi Arabia, Singapore, and the United Arab Emirates mainly contributed to the increase in remittances in January-February 2025, the BSP said.

In terms of country sources, the US accounted for the largest share of overall cash remittances in January-February 2025, followed by Singapore and Saudi Arabia. | PND