Cash remittances to the Philippines hit USD 3.17B in October

Cash remittances sent by overseas Filipinos (OF) reached USD 3.17 billion in October 2025, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Dec. 15.

The monthly figure brought total remittances for the January–October 2025 period to USD 29.20 billion.

Personal remittances—which include transfers through banks, informal channels, and in-kind remittances—amounted to USD 3.52 billion in October and USD 32.49 billion year-to-date.

The United States remained the top source of remittances, followed by Singapore and Saudi Arabia.

As of October 2025, the U.S. accounted for 40.3% of total cash remittances.

Singapore contributed 7.2%, followed by Saudi Arabia with 6.4%, Japan at 4.9%, the United Kingdom at 4.7%, and the United Arab Emirates at 4.5%.

Other notable contributors included Canada (3.5%), Qatar (2.9%), Taiwan (2.9%), and the Republic of Korea (2.5%).

The BSP noted data limitations due to remittance centers often using correspondent banks located in the U.S., which may skew the origin of funds toward the U.S., even when actual sources vary.

“Remittances coursed through money couriers cannot be disaggregated by actual country source and are lodged under the country where the main offices are located,” the BSP explained.

The figures for land-based OF workers reflected similar patterns, with the U.S. accounting for 43.5% of cash remittances, while for sea-based workers, the share stood at 32.9%.

Remittances have steadily grown each month in 2025, with October’s USD 3.17 billion marking a 3% increase from September, according to cumulative data in Figure 1 and monthly tables on page 3.

From January to October 2025, personal remittances rose 3.2% compared to the same period in 2024.

Cash remittances, meanwhile, posted a 3.0% year-on-year growth for the 10 months.

Personal remittances are calculated as the sum of net compensation of short-term OF workers, personal transfers, and household capital transfers.

These remittances play a critical role in supporting household consumption, sustaining foreign exchange reserves, and driving domestic economic activity.