Cash remittances hit PHP174B in June 2025

Cash remittances from overseas Filipinos rose to PHP174 billion (USD2.99 billion) in June 2025, a 3.7 percent increase from PHP167.5 billion (USD2.88 billion) recorded in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP).

Land-based overseas workers contributed the majority of inflows at PHP141.5 billion (USD2.43 billion), also up 3.7 percent year-on-year.

Sea-based remittances rose to PHP32.3 billion (USD555 million), reflecting a 3.5 percent annual increase.

For the first half of 2025, total cash remittances amounted to PHP972.8 billion (USD16.75 billion), up from PHP943.8 billion (USD16.25 billion) in the same period last year — a 3.1 percent gain.

The United States remained the largest source of remittances during January to June 2025, followed by Singapore and Saudi Arabia.

However, the BSP noted structural limitations in attributing remittances by source due to international banking practices.

“Many remittance centers abroad course their funds through correspondent banks in the U.S., making it appear as though the U.S. is the origin of funds,” the BSP explained.

Remittances sent through money couriers are also commonly credited to the country where the provider’s main office is based, often in the U.S.

The rise in cash remittances fueled a corresponding growth in personal remittances, which include in-kind transfers and cash sent through informal channels.

Personal remittances reached PHP193.4 billion (USD3.33 billion) in June 2025, up 3.7 percent from PHP186.3 billion (USD3.21 billion) in June 2024.

Cumulative personal remittances for January to June 2025 totaled PHP1.086 trillion (USD18.67 billion), a 3.1 percent increase from PHP1.052 trillion (USD18.10 billion) in the same period last year.

On a seasonally adjusted month-on-month basis, personal remittances grew by 1.0 percent.

Remittances continue to serve as a key pillar of the Philippine economy, fueling household consumption, driving foreign exchange reserves, and supporting local economic activity.

The sustained growth reflects the resilience and global presence of over 10 million Filipino workers who contribute to economic development at home and abroad.