Cash remittances up 2.7% to $2.72B in Feb

Overseas Filipino workers contributed to a 2.7% year-on-year increase in cash remittances through formal channels to $2.72 billion in February, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday.

Cumulative personal remittances for January and February reached $6.27 billion, marking a 2.7% increase from the same period last year.

The BSP noted that cash remittances grew by 2.8 percent to $5.63 billion in the first two months of 2025 compared to $5.48 billion in January-February 2024, with the US contributing the largest share followed by Singapore and Saudi Arabia.

Personal remittances, which include informal channels, rose by 2.6% to $3.02 billion in February from $2.95 billion a year ago.

The modest growth reflects seasonal normalization after the holiday surge and the impact of forex dynamics, particularly the stronger PHP in that period, according to experts.

Rizal Commercial Banking Corp Chief Economist Michael L. Ricafort noted that geopolitical risks, currency volatility, and potential slowdowns in advanced economies may keep remittance growth moderate in the coming months.