MANILA — Remittances from overseas Filipino workers continue to serve as a critical lifeline for the Philippine economy, with recent data from the Bangko Sentral ng Pilipinas showing a resilient 2.7% increase in February 2025.
The central bank reported cash remittances reached $2.72 billion in February, up from $2.65 billion in the same period last year. When including in-kind remittances, total personal remittances climbed to $3.02 billion, marking a 2.6% year-over-year rise.
Economists view these figures as a testament to the enduring global demand for Filipino talent, particularly in maritime and healthcare sectors. Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, highlighted the sector’s significance, noting that overseas worker remittances constitute nearly 10% of the nation’s gross domestic product.
“These remittances are more than just numbers,” Ricafort told the Associated Press. “They represent financial sustenance for millions of Filipino families, driving domestic consumption and economic resilience.”
However, potential headwinds loom. Geopolitical tensions and protectionist policies could challenge future remittance growth, with experts warning of potential impacts on global employment markets.
Despite these uncertainties, the first two months of 2025 have shown promising trends, with year-to-date cash remittances increasing 2.8% to $5.63 billion.
The data underscores the Philippines’ continued reliance on its global workforce and their crucial role in supporting the domestic economy.
