January 2025 OFW remittances rise by 2.9% — BSP
MANILA, Philippines — Personal remittances from overseas Filipino workers (OFWs) in January 2025 reached $3.24 billion (P185.45 billion), the Bangko Sentral ng Pilipinas reported.
In a statement released on Monday, March 17, the central bank announced a 2.9% increase in remittances compared to the $3.15 billion recorded in January 2024.
However, this is lower than the $3.73 billion recorded in remittances in December 2024.
BSP attributed the slight increase to remittances from both land-based and sea-based workers
Furthermore, cash remittances coursed through banks also saw a 2.9% rise, reaching $2.92 billion in January 2025, up from $2.84 billion in the same month last year.
The increase was driven by higher inflows from both land-based and sea-based workers, particularly from Saudi Arabia, the United States, Singapore, and the United Arab Emirates (UAE), according to BSP.
The U.S. remained the top source of remittances, followed by Singapore and Saudi Arabia.
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