OFW Remittances Rise 2.7% in February 2025, Totaling $2.716 Billion — BSP

Cash remittances from overseas Filipino workers (OFWs) increased by 2.7% in February 2025, reaching $2.716 billion, according to the Bangko Sentral ng Pilipinas (BSP).

While slightly lower than January’s $2.918 billion total, the February figure is higher than the $2.646 billion recorded in the same month last year. This brought the total remittances for the first two months of 2025 to $5.633 billion—up 2.8% from $5.481 billion in the same period in 2024.

The BSP attributed the growth to increased inflows from land-based and sea-based workers, particularly from the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE).

The US remained the top remittance source, accounting for 40.9% of the total, followed by Singapore (7.6%), Saudi Arabia (6.0%), Japan (5.3%), and the United Kingdom (4.8%). Other notable contributors included the UAE (4.0%), Canada (3.2%), Taiwan (2.9%), Qatar (2.8%), and Hong Kong (2.6%).

Personal remittances—which include both formal and informal money transfers—rose to $3.024 billion in February, a 2.6% increase year-on-year. However, this too was lower than January’s $3.243 billion.

Year-to-date personal remittances stood at $6.267 billion, up 2.7% from $6.100 billion in the same period last year.

The BSP also noted that some remittances are funneled through the United States due to the location of main offices of money couriers, affecting the country attribution in the data.