Filipinos working overseas sent $3.02 billion in cash remittances back to the Philippines in January 2026, up 3.5 percent from a year earlier amid a weaker peso and steady employment abroad, Bangko Sentral ng Pilipinas data showed Monday.
The figure surpassed the $2.92 billion recorded in January 2025 but retreated from the $3.52 billion posted in December.
Reyes Tacandong & Co. senior adviser Jonathan Ravelas said the month-on-month decline was largely seasonal following the typical holiday surge.
“The key point is remittances are still higher than a year ago, showing OFWs’ income remains resilient. A weaker peso and steady overseas employment continue to support flows,” Ravelas said.
Land-based workers sent $2.41 billion in January, up 3.52 percent, while remittances from sea-based employees grew 3.54 percent to $607.78 million.
The BSP said the United States was the primary source of these funds, followed by Singapore and Saudi Arabia. It said, however, that global banking practices often inflate the figures attributed to American shores.
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 because banks typically attribute the origin of funds to the most immediate source, money sent from other regions often appears as a US transaction.
Personal remittances, which encompass cash sent through formal and informal channels along with in-kind transfers, rose 3.55 percent to $3.36 billion.
While Ravelas cautioned that Middle East conflicts could trigger month-on-month volatility, he expected full-year growth to remain positive provided there are no widespread job losses.
“For households, the priority is to use remittances wisely—rebuild savings, reduce debt, and be cautious with spending given ongoing global risks,” Ravelas said.
