Cash remittances from overseas Filipinos climbed by 2.6% in March, reaching USD2.81 billion, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). This marks an increase from the USD2.74 billion recorded in the same month last year.
Including in-kind remittances, total personal remittances also grew by 2.6%, reaching USD3.13 billion from USD3.05 billion in March 2024. Both land-based and sea-based workers contributed to the rise, the BSP reported.
For the first quarter of 2025, cash remittances surged by 2.7% to USD8.44 billion, while total personal remittances rose to USD9.40 billion, reflecting consistent growth in remittances from overseas Filipinos.
“The growth in cash remittances from the United States, Singapore, Saudi Arabia, and the United Arab Emirates was the main driver of the overall increase during January to March 2025,” the BSP stated. The United States remained the largest source of cash remittances, followed by Singapore and Saudi Arabia.
Rizal Commercial Banking Corporation chief economist Michael Ricafort emphasized the significance of remittances in the Philippine economy. “Total OFW remittances account for nearly 10% of the country’s economy as an important contributor to consumer spending, which makes up nearly 75% of the Philippine economy,” Ricafort said.
He added that remittances have long been a vital source of income and financial stability for millions of Filipino families, supporting consumer spending and overall economic growth.
