By Justine Irish D. Tabile, Senior Reporter
MONEY SENT HOME by overseas Filipino employees (OFWs) fell to its lowest level in nine months in February, the Bangko Sentral ng Pilipinas (BSP) reported.
Preliminary data from the BSP showed money remittances coursed through banks rose by 2.6% to $2.79 billion from $2.72 billion logged in February 2025 but fell 7.7% from $3.02 billion in January.
Nonetheless, this was the weakest level of remittances because the $2.66 billion in money remittances in May 2025.
The annual remittance growth in February eased from 3.5% growth in January, and was the slowest since 2.5% in June 2024.
Money remittances from land-based employees went up by 2.7% to $2.25 billion in February, while money sent home by sea-based employees increased by 2% to $530 million.
Union Bank of the Philippines (UnionBank) Chief Economist Ruben Carlo O. Asuncion said that the continued annual growth indicates “fundamentally stable” remittances.
“The (month-on-month) dip in February remittances largely reflects seasonal normalization relatively than a weakening in overseas Filipino labor conditions,” he said in a Viber message, citing strong December and January inflows because of bonuses and holiday‑related transfers.
“This was also compounded by higher living costs abroad, which can have temporarily constrained the power of some overseas Filipinos to send larger amounts,” he added.
Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said that the February remittance data reflect a “temporary dip, not a red flag.”
“February will likely be a softer month because of seasonality, and better living costs abroad mean OFWs are being more careful — whilst remittances still grow 12 months on 12 months,” he said in a Viber message.
For the primary two months of the 12 months, money remittances jumped by 3.1% to $5.81 billion from $5.63 billion a 12 months ago.
Money sent by land-based employees rose by 3.1% to $4.67 billion, while money sent by sea-based employees went up by 2.8% to $1.14 billion.
“America remained the highest source of money remittances to the Philippines in January-February 2026, followed by Singapore and Saudi Arabia,” the BSP said.
America was the predominant source of money remittances with a 40% share of the entire thus far this 12 months. It was followed by Singapore (7.6%), Saudi Arabia (6.1%), Japan (5.3%), the UK (4.7%), the United Arab Emirates (4.2%), Canada (3.1%), Taiwan (3%), Qatar (2.9%), and Hong Kong (2.7%).
Meanwhile, personal remittances, which include inflows in kind, rose 2.6% to $3.1 billion in February from $3.02 billion a 12 months ago.
Within the January-February period, personal remittances grew by 3.1% to $6.46 billion from $6.27 billion a 12 months earlier.
UnionBank’s Mr. Asuncion said that he expects remittance growth “to moderate but remain positive.”
“Faster inflation and better fuel prices — particularly those linked to geopolitical tensions within the Middle East — could weigh on disposable income in host countries, capping near‑term growth,” he said.
Mr. Asuncion said remittances are historically resilient, as these are supported by the regular demand for Filipino employees within the healthcare, maritime, and services sectors.
“Overall, barring a pointy deterioration in global employment conditions, remittances should proceed to grow at a low‑to‑mid single‑digit pace, providing a stable buffer for the Philippine external accounts,” he added.
The Asian Development Bank last week flagged remittances as a key vulnerability of the Philippines, noting that over 17% of total remittances come from OFWs within the Middle East.
“Looking ahead, inflation, slower global growth, and better fuel prices linked to Middle East tensions may cap remittance growth within the near term, keeping it in low single digits,” Mr. Ravelas said. “But structurally, remittances remain resilient — OFWs are likely to step up support during tough times.”
The BSP projects money remittances to climb by 3% to $36.7 billion by yearend, slower than the three.3% seen last 12 months.