MANILA, Philippines – Filipinos overseas sent $3.02 billion back home in February, latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

This puts cumulative remittances for 2025 at $6.27 billion so far, 2.7% higher than the same period last year. However, on a month-on-month basis, the figure is slightly lower than January’s $3.2 billion.

The BSP cites remittance inflows from the United States, Saudi Arabia, Singapore, and the United Arab Emirates as the main growth drivers.

The monetary authority noted that remittance centers abroad often course the funds through US-based correspondent banks.

“Of the personal remittances from (overseas Filipinos), cash remittances coursed through banks reached $2.72 billion in February 2025, higher by 2.7% than the $2.65 billion posted in February 2024,” the BSP said.

The growth in remittances came amid higher meat prices despite slower inflation. (READ: Lower vegetable, rice prices slow inflation to 2.1% in February 2025)

BSP data shows that the Philippine peso averaged at just over P58 against the US dollar in February.

There are around 10.7 million Filipinos abroad as of 2022. In 2023, the Philippine Statistics Authority reported that around 2.16 million Filipinos were overseas Filipino workers.

Overseas Filipinos are expected to send more money back home in March and April for family vacations and gatherings during the Holy Week, as well as the payment of income tax ahead of the Bureau of Internal Revenue’s income tax filing deadline on Tuesday, April 15.