Philippine remittances rise 2.6% to $3.13B in March

Personal remittances from overseas Filipinos rose by 2.6% to $3.13 billion in March, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday.

Cumulative remittances for the first quarter of 2025 reached $9.4 billion, marking a 2.7% rise compared to the same period last year, but this is the slowest growth in nine months due to seasonal factors and the impact of US trade tensions.

Cash remittances through banks grew by 2.6% to $2.81 billion in March, with both land-based and sea-based workers contributing; specifically, land-based workers' remittances increased 3.1% to $2.22 billion while those from sea-based workers rose 1% to $595 million.

The BSP reported that cash remittances from the US, Singapore, Saudi Arabia, and the UAE were the main drivers of overall growth, with the US accounting for 40.7% of total remittances in Q1.

Economist Reinielle Matt Erece noted that March is typically a weaker month for remittance inflows due to seasonal factors, but also pointed out that inflation risks and trade tensions may be influencing remittance behavior among Filipino workers abroad.

Rizal Commercial Banking Corporation chief economist Michael Ricafort highlighted that continued single-digit growth in remittances remains positive for the Philippine economy, emphasizing their significance as a key contributor to consumer spending and household consumption.