Manila: Money sent home by overseas Filipinos reached USD2.66 billion in April this year, reflecting a 4 percent increase from the USD2.56 billion recorded in April last year, according to data released by the Bangko Sentral ng Pilipinas (BSP).

According to Philippines News Agency, the growth in cash remittances during this month marked the highest recorded since a 5.8 percent expansion in December 2022. For the first four months of the year, cash remittances amounted to USD11.11 billion, representing a 3 percent increase from the USD10.78 billion noted between January and April 2024.

"Higher growth of remittances from the United States (US), Saudi Arabia, Singapore, and the United Arab Emirates (UAE) drove the overall increase in remittances during January-April 2025," the central bank stated. By country source, the United States accounted for the largest share of total cash remittances during this period, followed by Singapore and Saudi Arabia.

Personal remittances, which cover cash sent through banks and informal channels as well as remittances in kind, amounted to USD2.97 billion in April 2025, showing a 4.1 percent increase from the USD2.86 billion recorded in April 2024. From January to April 2025, cumulative personal remittances rose by 3 percent from USD12.01 billion to USD12.37 billion.

Oikonomia Advisory and Research Inc. economist Reinielle Matt Erece commented, "The strong remittance growth for April may be attributed to seasonal factors, as this month usually posts one of the fastest during the summer months." Erece further noted that continued strong remittance inflows from OFWs could be due to the relative strength of the peso, prompting them to send more money to maintain the same peso value as before.