QUICK LOOK | OFW dollar remittances up 2.6% in Feb; slow, steady growth continues

Personal remittances from overseas Filipino workers rose by 2.6 percent year-on-year in February 2025 to $3.02 billion, continuing a trend of modest but consistent growth in dollar inflows to the country.

Insider spotlight:

• Personal remittances up 2.6 percent to $3.02 billion in February
• Two-month total at $6.27 billion, up 2.7 percent
• Cash remittances via banks rose 2.7 percent to $2.72 billion
• US, Singapore, and Saudi Arabia led as top sources

According to data from the Bangko Sentral ng Pilipinas, total remittances for the first two months of the year reached $6.27 billion, up 2.7 percent from the $6.10 billion posted during the same period last year. The increase was attributed to contributions from both land-based and sea-based workers.

Cash remittances coursed through banks, which form a substantial part of personal remittances, also climbed 2.7 percent in February to $2.72 billion. Cumulative bank transfers for January and February amounted to $5.63 billion, 2.8 percent higher year-on-year.

The United States remained the dominant source of cash remittances, followed by Singapore and Saudi Arabia.

The continued, albeit moderate, growth in remittances underscores their resilience amid global uncertainties. These inflows remain a key pillar of household consumption and foreign exchange liquidity in the Philippines.