Manila: Money sent home by overseas Filipino workers (OFWs) grew by 2.7 percent on an annual basis in February 2025 to USD2.72 billion from the previous year's USD2.65 billion, the Bangko Sentral ng Pilipinas (BSP) reported Tuesday.

According to Philippine News Agency, including in-kind remittances, total personal remittances in February reached USD3.02 billion, marking a 2.6 percent increase from USD2.95 billion in the same month last year, as shown by data from the central bank. For the first two months of the year, cash remittances climbed by 2.8 percent to USD5.63 billion, while personal remittances rose by 2.7 percent to USD6.10 billion.

Rizal Commercial Banking Corporation chief economist Michael Ricafort anticipates potential challenges to remittance inflows in the coming months due to the impact of protectionist policies from the Trump administration. He mentioned that these policies, including the threats of increased tariffs and America-first initiatives, might slow global trade, investments, and employment, which could indirectly affect the growth of OFW remittances worldwide.

Ricafort highlighted that despite these challenges, the Philippines' position as a significant source of seafarers and medical workers overseas ensures that remittances remain a strong driver of domestic economic growth and a boost to local spending. He emphasized that total OFW remittances account for nearly 10 percent of the country's GDP, serving as a vital contributor to consumer spending, which makes up at least 70 percent of the economy, and as a source of income and spending power for many Filipino families.