Overseas Filipinos Send $3.1B in March Remittances

Remittances from overseas Filipinos rose by 2.6 percent in March 2025 to $3.13 billion, up from $3.05 billion in the same month last year, according to data released Wednesday by the Bangko Sentral ng Pilipinas (BSP).

The increase was supported by both land-based and sea-based Filipino workers, who continue to send money back to their families amid global economic uncertainties.

Personal remittances, which include both cash transfers and other in-kind or informal support, reached a total of $9.4 billion in the first quarter of 2025, a 2.7 percent increase from the $9.15 billion reported during the same period in 2024.

Cash remittances—defined as money sent through formal banking channels—also saw a 2.6 percent year-on-year growth in March, reaching $2.81 billion.

From January to March 2025, these bank-transferred remittances totaled $8.44 billion, up 2.7 percent from $8.22 billion in the same quarter of 2024.

The central bank attributed the growth to higher remittance inflows from key countries such as the United States, Singapore, Saudi Arabia, and the United Arab Emirates.

The U.S. remained the top source of remittances, followed by Singapore and Saudi Arabia, though the BSP noted that the apparent dominance of the U.S. in data is partly due to how remittances are processed.

“Many remittance centers abroad use correspondent banks, most of which are based in the U.S.,” the BSP explained. “This means that even if the money originates elsewhere, it may still be reported as coming from the U.S.”

In addition, funds sent through international money couriers are often recorded under the country where their headquarters are based—typically the U.S.—making it difficult to trace the actual origin of the remittance.

Remittances have long been a pillar of the Philippine economy, helping to support household consumption, fund education, and drive growth in retail and housing.

In Philippine peso terms, the March inflows were equivalent to approximately PHP 177.5 billion, based on an exchange rate of PHP 56.7 to the U.S. dollar.