Overseas Filipino workers (OFWs) sent home less money in April, hitting an 11-month low, according to data released by the Bangko Sentral ng Pilipinas (BSP).
Cash remittances coursed through banks amounted to $2.664 billion during the month. While this reflects a 4.0% increase compared to $2.562 billion in April 2024, it was lower than the $2.810 billion recorded in March and marked the weakest monthly performance since May 2024’s $2.583 billion.
Land-based workers accounted for $2.08 billion of the total inflow, while sea-based workers contributed $580 million.
Cumulative remittances from January to April reached $11.107 billion, representing a 3.0% increase from the $10.782 billion posted in the same period last year.
The United States remained the top source of remittances, accounting for 40.4% of the four-month total, followed by Singapore (7.3%), Saudi Arabia (6.3%), Japan (5.0%), and the United Kingdom (4.5%). Canada, the United Arab Emirates, Qatar, Taiwan, and Hong Kong also contributed, with other countries making up 20.6%.
The BSP clarified that remittances sent through money transfer operators are often recorded under the country where the head offices are based—frequently the U.S.—which can skew the actual country of origin.
Meanwhile, personal remittances—which include both cash and in-kind transfers sent via informal channels—fell to $2.975 billion in April from $3.130 billion in March, but remained higher than the $2.859 billion recorded a year earlier.
From January to April, personal remittances reached $12.372 billion, up from $12.010 billion in the same period of 2024.
