The Central Bank of the Philippines published remittance data showing personal remittances from Overseas Filipinos increased by 2.9% year on year to USD 3.24bn in January 2025, reflecting higher inflows from both land-based and sea-based workers. Cash remittances channelled through banks rose by the same rate to USD 2.92bn. Higher cash remittances from Saudi Arabia, the United States, Singapore, and the United Arab Emirates mainly contributed to the increase. The United States accounted for the largest recorded share of overall cash remittances, followed by Singapore and Saudi Arabia, while the central bank noted that country-source data are subject to limitations due to routing through correspondent banks and the attribution of some money-courier flows to the location of the provider’s main office.
Central Bank of the Philippines 2025-03-17
Central Bank of the Philippines reports 2.9% rise in January 2025 overseas Filipino remittances to USD 3.24bn
The Central Bank of the Philippines reported a 2.9% year-on-year increase in personal remittances from Overseas Filipinos, totaling USD 3.24bn in January 2025. Cash remittances through banks rose by 2.9% to USD 2.92bn, with significant contributions from Saudi Arabia, the United States, Singapore, and the UAE. The United States accounted for the largest share of cash remittances, though the central bank noted limitations in country-source data due to routing through correspondent banks.