OFW remittances rise 2% in April, slowest pace in nearly 4 years

Money sent home by overseas Filipino workers (OFWs) grew by 2% year on year in April, marking its weakest annual growth in nearly four years, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Cash remittances, or money coursed through banks by migrant Filipinos, climbed by 2% to $2.718 billion in April from $2.664 billion in the same month last year.

This was the slowest annual growth seen since May 2022, when it rose by 1.8% to $2.425 billion.

Month on month, cash remittances fell by 5.4% from the $2.874 billion in March.

April’s tally likewise marked the lowest monthly amount in about a year or since the $2.658 billion logged in May 2025.

In a statement on Monday, the central bank said cash remittances remained resilient, albeit rising at a slower pace, amid ongoing geopolitical issues.

“Cash remittances continued to grow in April 2026, reflecting the resilience of remittances from Overseas Filipinos amid prevailing global economic conditions,” the BSP said.

In the four months to April, cash remittances reached $11.398 billion, 2.6% higher than the $11.107 billion seen in the same year-ago period.

The BSP projects cash remittances to grow by 3% to $36.7 billion this year, slower than the 3.3% to $35.6 billion in 2025.