Remittance growth slows in Feb

Money sent home by overseas Filipino workers (OFWs) reached its lowest level in nine months in February, reflecting a post-holiday slowdown and external headwinds, according to the Bangko Sentral ng Pilipinas.

- By KEISHA TA-ASAN

BSP data showed personal remittances went up by just 2.6 percent to $3.02 billion in February from $2.95 billion a year earlier. Despite the annual increase, this marked the lowest monthly inflow since the $2.88 billion recorded in May 2024.

The February growth pace was slightly slower than the 2.9-percent expansion in January and lagged behind the three-percent rise seen in the same month last year.

Personal remittances—which include the net compensation of employees, personal transfers and capital transfers between households—rose by 2.7 percent to $6.27 billion in the first two months of 2025 from $6.1 billion in the same period in 2024.

Of the total, cash remittances coursed through banks also increased by 2.7 percent to $2.72 billion in February from $2.65 billion last year. This was also the lowest since the $2.58 billion recorded in May 2024.