Philippines Remittances Hit 9-Month Low; Middle East Tensions May Impact 2026 Flows

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Manila : Money sent home by Filipinos working abroad dropped to a nine-month low in February, according to the Bangko Sentral ng Pilipinas. Cash remittances fell by 7.7% to $2.79 billion from $3.02 billion in January.

The central bank said this decline is likely because many overseas workers had already sent more money during the Christmas and New Year season.

In February, land-based workers sent $2.25 billion, while sea-based workers sent $530 million.

Despite the drop in cash transfers, total personal remittances—including money sent through apps, remittance centers, and goods—rose by 2.6% to $3.1 billion. For January and February combined, personal remittances increased to $6.46 billion.

However, the Philippine Department of Economy, Planning and Development warned that ongoing tensions in the Middle East could reduce remittances later this year, especially if jobs are lost or workers are forced to return home.

Remittances remain very important to the Philippines, making up about 10% of its economy. The United States was the biggest source, contributing 40% of total remittances, followed by Singapore and Saudi Arabia.