MANILA — Remittances from overseas Filipino workers continued their steady ascent in March, providing a crucial financial lifeline for millions of Philippine families, the central bank reported Thursday.
The Bangko Sentral ng Pilipinas (BSP) revealed that cash remittances rose 2.6% year-on-year to $2.81 billion in March, marking another positive indicator of the Philippines’ economic resilience amid global economic uncertainties.
Total personal remittances, including in-kind contributions, also increased by 2.6%, reaching $3.13 billion compared to $3.05 billion in the same period last year.
Both land-based and sea-based workers contributed to the uptick, with the United States, Singapore, Saudi Arabia, and the United Arab Emirates leading the remittance growth during the first quarter of 2025.
“These remittances are more than just numbers,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corporation. “They represent the lifeblood of countless Filipino households, accounting for nearly 10% of our national economy.”
The first quarter saw cash remittances climb to $8.44 billion, a 2.7% increase from the previous year, underscoring the continued importance of overseas Filipino workers in the nation’s economic ecosystem.
With consumer spending driving approximately 75% of the Philippine economy, these steady remittance flows provide critical financial support for families nationwide.
As global migration patterns and economic landscapes evolve, overseas Filipino workers remain a testament to the nation’s resilience and adaptability.
