Cash remittances coursed through banks reached $2.8 billion in February, the Bangko Sentral ng Pilipinas reported, but the 2.6 percent year-on-year increase marked the slowest growth rate since June 2024, when inflows rose by just 2.5 percent.
The sluggish February figure preceded the escalation of conflict in the Middle East, a region where a significant portion of Overseas Filipino Workers are deployed, raising concerns that the pace of remittance growth could weaken further in the months ahead.
Cumulative bank remittances for January and February combined stood at $5.8 billion, reflecting a 3.1 percent increase over the first two months of 2025.
