Overseas Filipino workers sent home $3.13 billion in personal remittances in March 2025, a 2.6 percent increase from the $3.05 billion recorded in March 2024, according to the Bangko Sentral Pilipinas (BSP) said.
The BSP said both land-based and sea-based workers contributed to the increase in remittances.
Cumulative remittances reached $9.40 billion in January to March 2025, marking a 2.7 percent increase from the $9.15 billion recorded in January to March 2024.
Of the personal remittances from OFs, cash remittances coursed through banks reached $2.81 billion in March 2025, reflecting a 2.6 percent increase from the $2.74 billion recorded in March 2024.
On a year-to-date basis, cash remittances rose by 2.7 percent to $8.44 billion in January to March 2025 from the $8.22 billion registered in January to March 2024.
The growth in cash remittances from the United States (US), Singapore, Saudi Arabia, and the United Arab Emirates (U.A.E.) was the main driver of the overall increase in remittances during the period.
By country source, the US accounted for the largest share of total cash remittances in the first quarter, followed by Singapore and Saudi Arabia.
The BSP said there are some limitations on the remittance data by source.
“A common practice of remittance centers in various cities abroad is to course remittances through correspondent banks, most of which are located in the US,” the BSP said.
“Also, remittances coursed through money couriers cannot be disaggregated by actual country source and are lodged under the country where the main offices are located, which, in many cases, is in the US,” it said.
The BSP said the US would appear to be the main source of OF remittances because banks attribute the origin of funds to the most immediate source.