OFW remittances rise 2.6% in February, topping $3 billion
MANILA, Philippines — Personal remittances from overseas Filipino workers (OFWs) climbed 2.6% year-over-year in February 2025, reaching $3.02 billion, according to the Bangko Sentral ng Pilipinas (BSP).
This marks an increase from the $2.95 billion recorded in February 2024.
Cumulative remittances for January and February 2025 totaled $6.27 billion, up 2.7% from the same period last year.
Cash remittances sent through banks reached $2.72 billion, which is a 2.7% rise from $2.65 billion a year earlier.
Land-based OFWs accounted for the majority of bank remittances, sending $2.19 billion in February. Sea-based workers contributed $52 million.
The United States remained the top source of remittances, accounting for 40.9% of the total followed by Singapore at 7.6%.
Other major contributors are:
- Saudi Arabia: 6.0%
- Japan: 5.2%
- United Kingdom: 4.8%
- United Arab Emirates: 4.0%
- Canada: 3.2%
- Taiwan: 2.9%
- Qatar: 2.8%
- Hong Kong: 2.6%
The remaining 20.1% came from other countries.
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