MONEY sent home by overseas Filipinos reached USD2.66 billion in April this year, up by 4 percent from the USD2.56 billion in April last year, data released by the Bangko Sentral ng Pilipinas (BSP) showed.
The growth in cash remittances during the month was the highest recorded since the 5.8 percent expansion in December 2022.
For the first four months of the year, cash remittances amounted to USD11.11 billion, up by 3 percent from the USD10.78 billion in January to April 2024.
“Higher growth of remittances from the United States (US), Saudi Arabia, Singapore, and the United Arab Emirates (UAE) drove the overall increase in remittances during January-April 2025,” the central bank said.
By country source, the United States accounted for the largest share of total cash remittances in January to April 2025, followed by Singapore and Saudi Arabia.
Personal remittances meanwhile, which cover cash sent through banks and informal channels, as well as remittances in kind, amounted to USD2.97 billion in April 2025, up by 4.1 percent from the USD2.86 billion recorded in April 2024.
From January to April 2025, cumulative personal remittances rose by 3 percent from the USD12.01 billion registered from January to April 2024 to USD12.37 billion.
“The strong remittance growth for April may be attributed to seasonal factors, as this month usually posts one of the fastest during the summer months,” said Oikonomia Advisory & Research Inc. economist Reinielle Matt Erece.
He added: “However, we may continue to see stronger remittance inflows from OFWs due to the relative strength of the peso. They may be prompted to send more to maintain the same peso value they used to send.” (PNA)
