Cash sent home by Filipinos working and living overseas continued to increase in April, Bangko Sentral ng Pilipinas (BSP) data showed, reflecting stable global employment abroad.

Money sent in by overseas Filipinos (OFs) increased by four percent to $2.7 billion in April from $2.6 billion in the same month last year, the BSP reported.

Cash remittances for the first four months also rose by three percent to $11.1 billion from $ 10.78 billion posted in the same period last year.

Cash remittances coursed through banks in the first four months were predominantly from the United States (US), followed by Singapore, Saudi Arabia, and Japan, according to BSP’s statement released on Monday, June 26.

As such, remittances for these countries were the drivers of the overall increase during the period.

By source, the US remained the top source of cash remittances during the period at 40.4 percent, followed by Singapore (7.3 percent) and Saudi Arabia (6.3 percent).

Several money transfer centers in countries abroad send money through partner banks, known as correspondent banks, most of which are based in the US, the central bank noted.

It added that remittances sent through money couriers are recorded under the country where their main offices are based—often the US—rather than the actual country of origin.

“Therefore, the US would appear to be the main source of OF [overseas Filipino] remittances because banks attribute the origin of funds to the most immediate source,” the BSP said.

Personal remittances, or the sum of transfers sent in cash or in-kind via informal channels, also increased by 4.1 percent to $3 billion in April from $2.9 billion in the previous year.

Year-to-date personal remittances also climbed by three percent to $12.4 billion from the $12 billion registered in January-to-April period last year.

The BSP attributed the increase in personal remittances to the rise in both land-based and sea-based OFs

John Paolo Rivera, senior research fellow at state-run policy think tank Philippine Institute for Development Studies (PIDS), said that the increase in cash remittances “shows underlying strength in remittance flows, driven by stable overseas employment, particularly in the US, Middle East, and parts of Asia.”

“Moving forward, remittance growth is likely to remain steady, supported by demand for OFWs abroad, especially in healthcare, logistics, and domestic services,” Rivera said.

Rivera noted that weaker peso may encourage more US dollar remittances, but risks such as inflation in host countries, geopolitical tensions, and potential policy changes like remittance taxes in key markets like the US could weigh on future inflows.