Money sent home by overseas Filipino workers (OFWs) rose by 2.6% in February 2025, reaching $3.02 billion, according to the Bangko Sentral ng Pilipinas (BSP). This was higher than the $2.95 billion recorded during the same month last year.
The BSP also reported that total remittances for the first two months of the year amounted to $6.27 billion, a 2.7% increase compared to the same period in 2024. These inflows continue to be a vital source of foreign exchange and a key pillar of the Philippine economy, supporting household consumption and driving domestic demand.
Cash remittances coursed through banks reached $2.72 billion in February, up 2.7% year-on-year. Land-based OFWs sent $2.19 billion, while sea-based workers contributed $520 million.
The United States remained the top source of remittances, accounting for 40.9% of the total. Other major contributors included Singapore (7.6%), Saudi Arabia (6.0%), Japan (5.2%), the United Kingdom (4.8%), the United Arab Emirates (4.0%), Canada (3.2%), Taiwan (2.9%), Qatar (2.8%), and Hong Kong (2.6%). The remaining 20.1% came from various other countries.
