Cash remittances up 2.7 percent in February

MANILA -- Cash remittances from overseas Filipinos coursed through banks reached $2.72 billion in February, higher by 2.7 percent than the $2.65 billion posted in the same month last year, the Bangko Sentral ng Pilipinas said on Tuesday.

In the first two months of the year, cash remittances rose by 2.8 percent to $5.63 billion from the $5.48 billion registered in January- February 2024, the BSP added. 

Meanwhile, personal remittances, which include cash remittances, grew by 2.6 percent to $3.02 billion in February 2025 from the $2.95 billion registered in February 2024. Both land-based and sea-based workers contributed to the increase in remittances, the central bank noted.

The cumulative personal remittances also reached $6.27 billion in January to  February 2025, higher by 2.7 percent than the $6.10 billion recorded in the same period in 2024.

Cash remittances from the US, Saudi Arabia, Singapore, and the United Arab Emirates were the main contributors to the increase in remittances in January and February 2025.

In terms of country sources, the US accounted for the largest share of overall cash remittances in the January- February period, followed by Singapore and Saudi Arabia.

The Philippines ranks as one of the largest recipients of remittances, which power domestic consumption. Unlike other countries in the region whose economies export manufactured goods, the Philippines is more dependent on its expatriate labor force to send much-needed foreign exchange.