PERSONAL remittances from Overseas Filipinos (OFs) continued to show resilience, climbing by 2.6 percent year-on-year to reach US$3.02 billion in February 2025, according to data released by the Bangko Sentral ng Pilipinas (BSP).
This marks a steady increase from the $2.95 billion recorded in the same month last year, driven by sustained inflows from both land-based and sea-based workers.
Cumulatively, personal remittances rose to $6.27 billion in the first two months of 2025, 2.7 percent higher compared to the US$6.10 billion posted during the same period in 2024.
Cash remittances coursed through banks also posted growth, rising by 2.7 percent year-on-year to $2.72 billion in February 2025 from $2.65 billion in February 2024. Year-to-date cash remittances reached $5.63 billion, an increase of 2.8 percent from $5.48 billion a year earlier.
The BSP attributed the growth in cash remittances largely to strong inflows from major host countries including the United States, Saudi Arabia, Singapore and the United Arab Emirates. The United States remained the top source of remittances, followed by Singapore and Saudi Arabia.
Remittances continue to be a key pillar of the Philippine economy, supporting household consumption and contributing to foreign exchange reserves. / KOC