OF remittances hit record USD 3.12B in September

Cash remittances from overseas Filipinos rose 3.7 percent in September 2025 to USD 3.12 billion from USD 3.01 billion in the same month last year, the Bangko Sentral ng Pilipinas reported.

The BSP said this was the highest remittance level for any September, reflecting steady overseas income flows despite continuing global economic risks.

Year to date, cash remittances increased 3.2 percent to USD 26.03 billion from January to September 2025, up from USD 25.23 billion in the same period in 2024.

The central bank said the United States remained the top source of remittances during the nine-month period, followed by Singapore and Saudi Arabia.

It cautioned, however, that some factors may affect how remittance sources are recorded because many remittance centers abroad course transfers through correspondent banks located in the U.S.

The BSP said remittances sent through money couriers are also classified under the country where the couriers’ main offices are located, which in many cases is the U.S., making the U.S. appear as a larger source than it may actually be.

Personal remittances—which include cash transfers sent through both formal and informal channels as well as in-kind support—grew 3.8 percent to USD 3.46 billion in September 2025 from USD 3.34 billion in September 2024.

Total personal remittances from January to September 2025 reached USD 28.97 billion, up 3.2 percent from USD 28.07 billion in the same period last year.

Seasonally adjusted personal remittances increased 1.0 percent in September 2025.

The BSP said sustained remittance inflows continue to provide the Philippines with a crucial source of foreign exchange, supporting household spending and helping stabilize the balance of payments.

It uses the X-13ARIMA-SEATS seasonal adjustment method of the U.S. Census Bureau to analyze remittance trends.

Cash remittances refer to money sent by land-based and sea-based overseas workers through formal banking channels, while personal remittances include informal transfers and capital support exchanged between households.