OFW remittances rebound in March — BSP

The Bangko Sentral ng Pilipinas (BSP) on Friday, 15 May, said remittances from overseas Filipino workers (OFWs) rebounded in March after hitting a nine-month low in the previous month.

According to the BSP, cash remittances sent through banks and other formal channels reached $2.874 billion during the month.

Land-based workers accounted for $2.26 billion in remittances, while sea-based workers contributed $0.61 billion.

The BSP said total cash remittances for the first quarter of 2026 reached $8.444 billion.

However, the central bank clarified that remittances coursed through money couriers cannot always be accurately traced to the actual country of origin because transactions are often recorded under the country where the courier’s headquarters is located, commonly the United States.

The BSP added that the US remained the top source of remittances during the three-month period, accounting for 39.9 percent of the total.

It was followed by Singapore with 7.6 percent, Saudi Arabia with 6.3 percent, Japan with 5 percent, and the United Arab Emirates with 4.7 percent.

Meanwhile, personal remittances — which include cash transfers through both formal and informal channels — totaled $3.203 billion in March, higher than the previous month’s $3.103 billion.

Year-to-date personal remittances reached $9.664 billion, exceeding the $9.397 billion recorded during the first quarter of 2025.