OF remittances hit USD 2.87B in March

Overseas Filipino cash remittances coursed through banks reached USD 2.87 billion in March 2026, up 2.3 percent from USD 2.81 billion in March 2025, the Bangko Sentral ng Pilipinas said in a May 15 press release.

Cumulative cash remittances rose 2.8 percent to USD 8.68 billion in January–March 2026 from USD 8.44 billion in the same period last year, reflecting steady inflows from Filipinos working abroad.

Personal remittances, a broader measure that includes money sent through banks and informal channels as well as remittances in kind, totaled USD 3.20 billion in March 2026.

Year-to-date personal remittances increased 2.8 percent to USD 9.66 billion in January–March 2026 from USD 9.40 billion in January–March 2025.

In March, land-based workers sent USD 2.26 billion, up 2.2 percent from USD 2.22 billion a year earlier, while sea-based workers remitted USD 0.61 billion, up 2.5 percent from USD 0.59 billion.

For the first quarter, land-based cash remittances reached USD 6.93 billion, up 2.8 percent from USD 6.74 billion, while sea-based remittances climbed 2.7 percent to USD 1.75 billion from USD 1.70 billion.

The BSP said seasonally adjusted personal remittances stood at USD 3.32 billion in March 2026, a 0.1 percent month-on-month increase.

The United States remained the biggest reported source of cash remittances to the Philippines in January–March 2026, followed by Singapore and Saudi Arabia.

By share of total cash remittances, the United States accounted for 39.9 percent, Singapore 7.4 percent, Saudi Arabia 6.3 percent, Japan 5.6 percent, the United Arab Emirates 4.7 percent, the United Kingdom 4.3 percent, Canada 3.0 percent, Qatar 2.9 percent, Taiwan 2.9 percent, Hong Kong SAR, China 2.7 percent, and other sources 20.7 percent.

Among land-based cash remittances, the United States had a 41.9 percent share, followed by Saudi Arabia at 7.9 percent, Singapore at 6.7 percent, the United Arab Emirates at 5.8 percent, Japan at 4.3 percent, and others at 33.5 percent.

Among sea-based cash remittances, the United States accounted for 32.1 percent, Singapore 11.1 percent, Japan 7.7 percent, Germany 5.6 percent, the United Kingdom 5.0 percent, and other sources 37.7 percent.

The central bank cautioned that country-source data have limitations because remittance centers abroad often course funds through correspondent banks, many of them in the U.S., while money-courier transactions are recorded under the country where main offices are located rather than the actual source country.

The BSP said the U.S. may appear as the main source of remittances because banks attribute the origin of funds to the most immediate source.

Remittances remain a key support for household spending in the Philippines, with BSP data showing personal remittances and cash remittances equivalent to 7.4 percent and 8.2 percent of gross domestic product, respectively, in the first quarter of 2026.

The BSP said cash remittances refer to cash sent by land-based and sea-based workers through the banking system, while personal remittances include net compensation of employees, personal transfers, and capital transfers between households.

Personal remittances data were seasonally adjusted using the X-13ARIMA-SEATS method developed by the U.S. Census Bureau, according to the BSP.