Cash remittances from overseas Filipinos grew 2.8 percent to $8.68 billion in the first quarter of 2026 from $8.44 billion in the same period last year, the Bangko Sentral ng Pilipinas (BSP) said Friday.
The first-quarter expansion marked the slowest cumulative growth since the 2.7 percent increase recorded in the January-to-March period last year and represented a slight month-on-month slowdown from the 3.1 percent growth posted in February.
The BSP said the United States remained the largest source of cash remittances in the first quarter, followed by Singapore and Saudi Arabia.
Personal remittances, which include cash sent through banks and informal channels as well as in-kind transfers, also increased 2.8 percent to $9.66 billion in the first quarter from $9.40 billion last year.
March cash remittances rose 2.3 percent to $2.87 billion from $2.81 billion in the same month in 2025. Land-based workers accounted for the bulk of March remittances at $2.26 billion, while sea-based workers sent the remaining $61 million.
Personal remittances also grew 2.3 percent to $3.20 billion in March from $3.13 billion a year ago.
Union Bank of the Philippines chief economist Ruben Carlo Asuncion said the softer first-quarter growth largely reflects a normalization phase following strong inflows at the end of 2025.
He said that emerging global headwinds such as slower growth, elevated inflation and geopolitical uncertainties likely weighed on the disposable income of overseas Filipino workers (OFWs).
“While deployment and employment abroad remain broadly stable, these external pressures are likely capping growth in the near term,” Asuncion said.
Reyes Tacandong & Co. senior adviser Jonathan Ravelas said the slower growth was more indicative of normalization than a warning sign.
He cited a combination of cooling global labor markets, higher base effects and rising living costs overseas as factors limiting the money OFWs can send home.
“Looking ahead, I expect steady but modest growth in the near 3 percent range, with some upside during the second half from seasonal spending and potentially easing global inflation,” Ravelas said.
Asuncion said that while overseas demand for Filipino workers remains steady, global economic conditions will likely temper expansion to the low single digits moving forward.
