Money sent home by overseas Filipino workers (OFWs) reached USD2.72 billion in February 2025, up by 2.7 percent from the USD2.65 billion recorded during the same period last year, according to data released Tuesday by the Bangko Sentral ng Pilipinas (BSP).
When in-kind remittances are factored in, personal remittances totaled USD3.02 billion—marking a 2.6 percent increase from February 2024’s USD2.95 billion.
For the first two months of the year, cash remittances rose by 2.8 percent to USD5.63 billion, while personal remittances climbed by 2.7 percent to USD6.10 billion.
Despite the continued growth, Rizal Commercial Banking Corporation chief economist Michael Ricafort warned that global economic conditions, particularly U.S. policies under President Donald Trump, could weigh on future remittance flows.
“Trump’s threats of higher tariffs/reciprocal tariffs and other America-first policies could also slow down global trade, investments, employment including some OFW jobs, and overall world economic/GDP growth,” Ricafort told the Philippine News Agency. “Thereby [these] could also indirectly slow down the growth in OFW remittances from other countries around the world.”
Still, Ricafort remains optimistic about the Philippines’ position as a major source of global talent, particularly in the maritime and healthcare sectors.
“Total OFW remittances account for nearly 10 percent of the country’s economy/GDP as an important contributor to the country’s consumer spending, which accounts for at least 70 percent of the economy/GDP and also as a source of incomes, wealth, and spending power for many Filipino families around the country,” he said.
