Initial Dip Reversed
Cash remittances coming into the Philippines from Overseas Filipino Workers (OFWs) totaled $2.79 billion in February 2026, according to a preliminary report from the Bangko Sentral ng Pilipinas (BSP).
Though February levels face a minor dip from January’s $3.02 billion, the central bank’s data showed OFWs’ cash remittances coursed through banks rose 2.6% year-on-year from the recorded $2.72 billion logged in February 2025.
U.S. Still Top Source
The United States remains the top country in terms of cash remittances sent to the Philippines in January-February 2026 (at 40%), followed by Singapore (7.6%), Saudi Arabia (6.1%), and Japan (5.3%).
A Pillar of the Philippine Economy
In a media report, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion stated that the continued annual growth indicates fundamentally stable remittances.
OFW remittances remain an integral part of the Philippine economy, enduring global tensions and economic uncertainties to support local cash demands and foreign exchange facility.
“Overall, barring a sharp deterioration in global employment conditions, remittances should continue to grow at a low‑to‑mid single‑digit pace, providing a stable buffer for the Philippine external accounts,” Mr. Asuncion said.
Brighter Days Ahead
Anchored in the steady demand for OFWs in the international healthcare, maritime, and services sectors, the BSP forecasts a 3% surge for cash remittances by the end of 2026.
