Remittances reach $2.66B, highest growth since 2022

Cash remittances from overseas Filipino workers (OFWs) rose by 4 percent in April 2025, reaching USD2.66 billion, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Monday. This marked the fastest year-on-year growth since December 2022’s 5.8 percent increase.

The BSP attributed the growth to higher remittance inflows from key host countries, notably the United States, Saudi Arabia, Singapore, and the United Arab Emirates.

For the first four months of 2025, cash remittances totaled USD11.11 billion, reflecting a 3 percent increase from USD10.78 billion during the same period in 2024.

The United States remained the top source of remittances, followed by Singapore and Saudi Arabia.

Personal remittances—which include transfers via banks, informal channels, and in-kind contributions—also saw a 4.1 percent increase, reaching USD2.97 billion in April. Cumulatively, personal remittances grew by 3 percent year-on-year to USD12.37 billion from January to April 2025.

Oikonomia Advisory & Research Inc. economist Reinielle Matt Erece noted that seasonal factors may have contributed to the stronger inflows in April.

“This month often posts higher remittance volumes due to summer-related spending,” Erece said. “We may also see continued strength in remittance inflows as the relatively firm peso encourages OFWs to send more to preserve the value received by their families.”

Remittances remain a key pillar of the Philippine economy, supporting domestic consumption and contributing significantly to the country’s foreign exchange reserves.