MONEY sent home by overseas Filipinos workers (OFWs) posted a 2.9 percent year-on-year growth, reaching US$3.24 billion in January 2025 from $3.15 billion in the same period last year, the Bangko Sentral ng Pilipinas (BSP) said on Monday, March 17.
The increase was observed across both land-based and sea-based workers.
Cash remittances coursed through banks also saw a similar 2.9 percent uptick, climbing to $2.92 billion in January 2025 from $2.84 billion in January 2024. This sustained growth underscores the vital role of OFWs in bolstering the Philippine economy through steady foreign currency inflows.
The expansion in cash remittances was primarily driven by higher inflows from key host countries, including Saudi Arabia, the United States, Singapore and the United Arab Emirates. The US remained the top source of cash remittances, accounting for the largest share of total inflows, followed by Singapore and
Saudi Arabia.
The steady rise in remittances continues to support household consumption and economic activity in the Philippines. Analysts expect this positive trend to persist, with remittance inflows serving as a key pillar of the country’s financial stability. The BSP anticipates that remittance growth will remain robust throughout 2025, buoyed by strong demand for Filipino workers abroad and improved global labor conditions. / KOC