Money sent home by overseas Filipinos rose at a slower pace in March, signaling a moderation in inflows after stronger, holiday-driven remittances late last year.
Cash remittances coursed through banks increased 2.3% to $2.87 billion in March from $2.81 billion a year earlier, according to data from the Bangko Sentral ng Pilipinas.
The growth rate eased from 2.6% in February and 3.5% in January, suggesting a gradual cooling in inflows at the start of the year.
Personal remittances, which include cash sent through banks and informal channels as well as in-kind transfers, also rose 2.3% to $3.20 billion.
For the first quarter, cash remittances climbed 2.8% to $8.68 billion, while personal remittances likewise increased 2.8% to $9.66 billion from a year earlier.
The United States remained the largest source of cash remittances in the January-to-March period, followed by Singapore and Saudi Arabia.
Remittances continue to serve as a key pillar of the Philippine economy, supporting consumption and providing a steady source of foreign exchange.
Bangko Sentral data showed cash remittances accounted for 7.4% of gross domestic product, while personal remittances were equivalent to 8.2%.
The central bank projects cash remittances to grow 3% this year and in 2027.
