Cash remittances from overseas Filipinos went up by 2.6 percent year-on-year to $2.81 billion in March from $2.74 billion in March 2024, the Bangko Sentral ng Pilipinas (BSP) said.

Data released on Thursday showed that including in-kind remittances, total personal remittances during the month also rose by 2.6 percent to $3.13 billion from $3.05 billion in March last year.

The BSP said both land-based and sea-based workers contributed to the increase in remittances in March.

For the first three months of the year, cash remittances increased by 2.7 percent to $8.44 billion.

Personal remittances, on the other hand, also climbed by 2.7 percent to $9.40 billion.

"The growth in cash remittances from the United States, Singapore, Saudi Arabia, and the United Arab Emirates was the main driver of the overall increase in remittances during January-March 2025," the BSP said.

By country source, the United States accounted for the largest share of total cash remittances in the first quarter, followed by Singapore and Saudi Arabia.

Rizal Commercial Banking Corporation chief economist Michael Ricafort said the continued single-digit growth in remittances is still a good signal for the overall economy.

"Total OFW remittances account for nearly 10 percent of the country’s economy as an important contributor to the country’s consumer spending, which accounts for nearly 75 percent of the Philippine economy and also as a source of incomes, wealth, and spending power for many Filipino families around the country for many years," Ricafort said.

PNA PHOTO