By Katherine K. Chan, A reporter
A record of disbursementsed the slowest annual growth almost four years in April as the world’s economic conditions are weak surviving overseas Filipino the ability of workers (OFWs) to send money at home.
Data from the Bangko Sentral ng Pilipinas (BSP) showed remittances by Filipino expatriates rose 2% to $2.718 billion in April from $2.664 billion in the same month last year.
This was the slowest annual growth in remittances since May 2022, when they rose 1.8% to $2.425 billion.
Month-on-month, remittances fell 5.4% from $2.874 billion in March.
April’s figures also marked the lowest monthly total in a year or since the $2.658 billion entered in May 2025.
In a statement on Monday, the central bank said remittances remained strong, albeit rising at a slower pace, amid ongoing political tensions.
“Remittances continued to grow in April 2026, reflecting the resilience of overseas remittances from the Philippines (OF) amid prevailing global economic conditions,” the BSP said.
Land workers sent $2.12 billion in April, up 2.1%, while seafarers’ remittances grew 1.9% to $590 million.
Meanwhile, personal remittances, which include both remittances through banks and informal channels and remittances, reached $3.037 billion in April.
This was 2.1% higher than the $2.975 billion recorded a year ago, but down 5.2% from $3.203 billion in March.
“Seasonal remittances, which include cash sent through banks and informal channels and remittances at other times, have also increased,” the central bank said. “This highlights the continued role of OFs in supporting domestic funds and their use.”
The mild growth in remittances in April came as the prevailing global uncertainty at the time had tested the families and budgets of OFWs, said Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion.
“Outflow growth remained positive but softened significantly, pointing to cautious household flows amid global uncertainty and tighter budgets among overseas workers,” he said in a Viber message.
“The sequential decline in April suggests there has been some normalization after the frontloading, but the slower year-over-year movement highlights the emerging headwinds in revenue and operating conditions,” he added.
Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the weak remittances are due to temporary storms, while the Middle East conflict is causing only a “small effect” on overall remittances.
“April’s cash data points to temporary headwinds, not a structural slowdown. You see a seasonal mix after a strong first quarter, normalization of higher post-pandemic flows, and some softening in a key host. economics,” he says about Viber.
“The tensions in the Middle East may have had a small impact, but given the various deployments of Filipino workers, it is not a major driver,” he added.
However, economist Rizal Commercial Banking Corp. Michael L. Ricafort said the continued increase in remittances may be motivated by OFWs who want to support the high expenses of their families at home.
“OFW remittances remain strong even in low single-digit growth rates (at least not a year-on-year decline), such as during the COVID-19 pandemic, as OFWs may need to send more to their families to better cope with high prices, slow demand and slow economic or business conditions,” he said in a Viber message.
Inflation has reached 4.5% since May, after the headline breached the BSP’s 2%-4% targets for three consecutive months like the Middle East. the war continued to moderate consumer prices.
FOUR MONTHS UP
On the other hand, cash outflows reached $11.398 billion in the four months to April, up 2.6% from $11.107 billion seen in the same period last year.
In the January to April period, land-based OFs accounted for a total of $9.05 billion in remittances. This is up 2.6% from $8.82 billion last year.
Meanwhile, migrant workers from overseas have so far taken out $2.34 billion, up 2.5% from $2.29 billion last year.
Most of the money sent home since April came from Filipinos in the United States, followed by those in Singapore and Saudi Arabia, which the central bank said showed “concentration in stable areas.”
Once down, remittances from the US accounted for 39.7% of the total, followed by Singapore (7.3%), Saudi Arabia (6.4%), Japan (5.1%), the United Arab Emirates (4.6%), the United Kingdom (4.4%), Canada (3.1%), Qatar (2.9%), Taiwan (2.8%), and Hong Kong (2.7%).
Meanwhile, remittances rose 2.7% to $12.701 billion from $12.372 billion in the same period in 2025.
After four straight months of easing, remittances may recover soon as the US-Iran peace deal could translate into stable labor conditions in the region, according to Mr. Asuncion.
“At the same time, the recent signing of a peace agreement in the Middle East can help stabilize employment opportunities and support remittances from the region, reducing risks in the near term,” he said.
More than 2.4 million OFWs are located in the Middle East, and remittances from the region account for about 20% of the country’s total income.
Analysts said earlier BusinessWorld that remittances from the war-torn region will likely remain strong as OFWs struggle to send more money to their families who have been affected by rising prices amid the energy crisis.
This may also be the case with other Filipino migrants around the world, although Mr. Asuncion noted that remittance growth may remain subdued amid high inflation.
“Overall, remittances should remain strong, but growth is likely to remain modest as higher inflation continues to weigh on senders and receivers,” he said.
Analysts and the central bank noted that inflation may remain above target for the rest of the year as higher energy costs continue to feed into other assets.
Meanwhile, seasonal demand may push remittances higher in the second half of the year, according to Mr. Ravelas.
“The recent slowdown in growth may continue in the near term, but the fundamentals remain the same – continued global demand for Filipino workers, continued remittances, and a gradual shift to higher-skilled, better-paid jobs,” he added.
The BSP projects remittances to grow 3% to $36.7 billion this year, slowing to 3.3% to $35.6 billion in 2025.
