Remittances rebound in March

Remittances from overseas Filipinos rebounded in March from the nine-month low recorded in the previous month, data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed.

Cash remittances or money transfers coursed through banks and other formal channels stood at $2.874 billion, up from the $2.786 billion in February and the $2.810 billion a year ago.

Land-based workers accounted for $2.26 billion during the month, while sea-based workers sent in $0.61 billion.

This brought the total first-quarter cash remittances to $8.680 billion, higher than the $8.444 billion last year.

The United States remained the top source of remittances for the three-month period to account for 39.9%, followed by Singapore with 7.6%, Saudi Arabia with 6.3%, Japan with 5.0%, and the United Arab Emirates with 4.7%.

Other major sources include the United Kingdom (4.3%), Canada (3.0%), Qatar and Taiwan (2.9% each), and Hong Kong (2.7%), with the remaining 20.7% coming from other countries.

The BSP noted, however, that remittances coursed through money couriers cannot be disaggregated by actual country source. These are instead recorded under the country where the courier’s main office is located—often the United States.

Meanwhile, personal remittances — the sum of transfers sent in cash or in kind, including those coursed through informal channels — amounted to $3.203 billion, higher than the $3.103 billion the previous month and the $3.130 billion a year ago.

Year-to-date personal remittances were recorded at $9.664 billion, up from $9.397 billion in the first quarter of 2025. —VAL, GMA News