Article by:
Anna Leah Gonzales
MANILA – Money sent home by overseas Filipino workers (OFWs) went up by 3.5 percent to USD3.02 billion in January this year from the previous year's USD2.92 billion.
Preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed that the United States was the top source of cash remittances during the month. Other top sources included Singapore, Saudi Arabia, Japan, United Kingdom and the United Arab Emirates.
Personal remittances, which cover cash sent through banks and informal channels, as well as remittances in kind, also rose by 3.5 percent from USD3.24 billion in January 2025 to USD3.36 billion in January 2026.
Reyes Tacandong & Co. senior adviser Jonathan Ravelas said the increase shows that the income of OFWs remains resilient.
"A weaker peso and steady overseas employment continue to support flows," Ravelas said.
He added that the uncertainty caused by the Middle East conflict could cause month‑to‑month volatility.
"But unless it leads to widespread job losses or payment disruptions, full‑year remittance growth should stay positive," Ravelas said, urging households to prioritize wise use of remittances.
"Rebuild savings, reduce debt, and be cautious with spending given ongoing global risks," he said. (PNA)
Log in with Google