BSP: Jan remittances up 2.9% y-o-y to $3.24B

Data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed a 2.9 percent increase in personal remittances from overseas Filipinos in January compared to the same period last year.

Cash remittances through formal channels increased to $2.92 billion, up from $2.84 billion in January 2024, while total personal remittances rose to $3.24 billion from $3.15 billion.

The BSP attributed the growth mainly to contributions from workers based in the United States, Singapore, Saudi Arabia, and the UAE, with notable increases observed in these countries.

Despite the increase, January's total of $3.24 billion is lower than December 2024’s record high of $3.73 billion, reflecting a slight slowdown in remittances at the start of the year.

Month-on-month, remittances declined by 13.7% from $3.38 billion in December, which experts attribute to seasonal effects following the holiday season.

Money sent home by overseas Filipinos helps power domestic consumption and drive economic growth in the Philippines, which is one of the largest recipients of remittances globally.