Overseas Filipino Workers (OFW) continued to send more money home in March, with cash remittances increasing by a steady 2.6% year-on-year to $2.81 billion, according to the Bangko Sentral ng Pilipinas (BSP).
This growth was primarily fueled by consistent inflows from the United States and the Middle East. When factoring in personal transfers in kind, total remittances also saw a 2.6% rise to $3.13 billion for the same month.
The upward trend continued into the first quarter of 2025, with both cash remittances and total personal remittances reaching $8.44 billion and $9.40 billion, respectively, both marking a 2.7% increase compared to the same period last year.
The US remained the top source of these cash inflows, followed by Singapore and Saudi Arabia.
Economist Michael Ricafort of Rizal Commercial Banking Corp. noted that these consistent remittances are a crucial support for household consumption, which makes up nearly three-quarters of the Philippines’ gross domestic product, and contribute significantly to the national economy.
