Manila: Money sent home by overseas Filipinos continued to grow in April this year, reaching USD2.7 billion, according to Bangko Sentral ng Pilipinas (BSP) data. Preliminary data released by the BSP on Monday showed that the amount was 2 percent higher than the USD2.6 billion recorded in April last year. The BSP noted that the growth in cash remittances reflects the resilience of remittances from overseas Filipinos amid prevailing global economic conditions.

According to Philippines News Agency, personal remittances, which cover cash sent through banks and informal channels as well as remittances in kind, also rose by 2.1 percent from USD2.97 billion in April 2025 to USD3.04 billion in April 2026. For the January-to-April period, personal remittances increased by 2.7 percent to USD12.70 billion, while cash remittances also grew by 2.6 percent to USD11.40 billion.

The BSP reported that the United States continued to be the biggest source of inflows, followed by Singapore and Saudi Arabia, indicating a stable geographic concentration. In an email, Rizal Commercial Banking Corporation chief economist Michael Ricafort stated that overseas Filipino workers (OFW) remittances remained relatively resilient despite posting a low single-digit growth rate.

Ricafort mentioned that the continued single-digit year-on-year growth in OFW remittances is still a positive signal for the overall economy as an important growth driver, especially in terms of consumer spending, which accounts for at least 70 percent of the Philippine economy. This trend, according to Ricafort, supports faster economic growth for the coming months. However, he also cautioned that remittances could slow amid geopolitical risks in the Middle East, which may affect global economic growth.