OFW remittances up by 2.6% in February
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NewsTranscript
00:00The Banco Central Nampilipinas, or BSP, reported that personal remittances from overseas Filipino workers climbed 2.6 percent year over year in February 2025, reaching 3.02 billion U.S. dollars.
00:14This marks an increase from the 2.95 billion U.S. dollars recorded in February 2024.
00:20Cumulative remittances for January and February 2025 also reached 6.27 billion U.S. dollars, up from 2.7 percent from the same period last year.
00:31Of these remittances, cash remittances sent through banks reached 2.72 billion U.S. dollars, which is a 2.7 percent higher from a year earlier.
00:40In the meantime, land-based OFWs accounted for the majority of bank remittances, sending 2.19 billion U.S. dollars in February,
00:48while sea-based workers contributed 52 million U.S. dollars.
00:53The United States remained the top source of remittances, accounting for 40.9 percent of the total, followed by Singapore at 7.6 percent.