Remittances rise 3.5% to $3 billion in January

MANILA, Philippines — Money sent home by Filipinos abroad climbed by 3.5 percent to $3.02 billion in January, as steady overseas employment continued to support inflows despite global uncertainties, the Bangko Sentral ng Pilipinas (BSP) said.

Data released by the central bank showed that cash remittances from overseas Filipino workers (OFWs) increased from $2.92 billion in the same month last year. However, it was 14.2 percent lower than the $3.52 billion in December 2025.

Broken down by type of worker, land-based workers accounted for $2.41 billion of cash remittances during the month, while sea-based workers contributed $610 million.

Jonathan Ravelas, senior adviser at Reyes, Tacandong & Co., said the January figures show that remittance flows remain broadly resilient despite global uncertainties.

“The pullback from December is largely seasonal after the holiday surge, but the key point is remittances are still higher than a year ago, showing OFWs’ income remains resilient,” Ravelas said.

“A weaker peso and steady overseas employment continue to support flows,” he added.

Personal remittances, which include transfers through banks and informal channels as well as remittances in kind, also increased by 3.5 percent to $3.36 billion from $3.24 billion a year earlier.

The United States remained the largest source of remittances to the Philippines in January, followed by Singapore and Saudi Arabia, reflecting the large concentration of Filipino workers in these economies.

The BSP clarified that remittance centers in various cities abroad typically course remittances through correspondent banks, most of which are located in the US.

OFW remittances are a key pillar of the Philippine economy, helping support household consumption and providing a steady source of foreign exchange inflows that cushion the country’s external accounts.

Ravelas said geopolitical developments could introduce volatility in the coming months but are unlikely to derail overall remittance growth unless they significantly disrupt employment conditions abroad.

“Looking ahead, the Middle East conflict adds uncertainty and could cause month-to-month volatility, but unless it leads to widespread job losses or payment disruptions, full-year remittance growth should stay positive,” he said.

“For households, the priority is to use remittances wisely – rebuild savings, reduce debt and be cautious with spending given ongoing global risks,” Ravelas said.

The BSP expects remittances to grow by three percent this year. Cash remittances rose by 3.3 percent to an all-time high of $35.63 billion in 2025 from $34.49 billion in 2024.