Overseas Filipinos (OFs) continue to send money back home, as personal remittances rose by 2.4 percent to US$2.86 billion in February 2023, compared to US$2.79 billion in the same month last year. This increase was attributed to higher remittances from land-based workers with work contracts of one year or more, as well as sea- and land-based workers with work contracts of less than one year, according to the latest data released by the Philippine central bank.

The cumulative personal remittances for the first two months of 2023 reached US$5.93 billion, showing a growth of 3.0 percent compared to US$5.76 billion in the same period in 2022. Cash remittances coursed through banks, which make up a significant portion of personal remittances, also increased by 2.4 percent to US$2.57 billion in February 2023, compared to US$2.51 billion in the same month last year.

The growth in cash remittances from the United States (US), Saudi Arabia, Singapore, and Qatar contributed mainly to the increase in remittances in January – February 2023. The US remained the top source of remittances, followed by Singapore, Saudi Arabia, and Japan. However, it should be noted that remittance data by source has some limitations, as many remittance centers abroad route transactions through correspondent banks, most of which are located in the US. Therefore, the US tends to appear as the main source of remittances due to the practice of attributing the origin of funds to the most immediate source.

Remittances from OFs are a significant source of foreign exchange for the Philippines and play a crucial role in supporting the country's economy. The continued increase in personal remittances reflects the resilience of OFs in sending money back to their families despite the challenges posed by the global economic environment and the ongoing pandemic.