OFW cash remittances rise to $2.7B in May

Cash remittances from overseas Filipinos rose to US$2.66 billion (PHP157.6 billion) in May 2025, registering a 2.9 percent increase from the US$2.58 billion recorded in the same month last year, according to the Bangko Sentral ng Pilipinas.

The growth was driven by faster remittance inflows from sea-based workers, whose contributions climbed 3.1 percent year-on-year to US$536 million, compared to the 2.8 percent growth from land-based workers, which totaled US$2.12 billion.

For the first five months of 2025, cumulative cash remittances reached US$13.77 billion (approximately PHP816 billion), up 3.0 percent from US$13.37 billion in the same period in 2024.

Figure 1

Cash Remittances in billion US dollars for periods indicated

The United States remained the top source of remittances, followed by Singapore and Saudi Arabia, although the BSP cautioned that some remittance data may reflect the location of intermediary banks rather than the original sending country.

“A common practice of remittance centers is to route funds through correspondent banks, most of which are based in the U.S.,” the BSP explained in its release. “Thus, the U.S. may appear as the origin of remittances even if the funds came from other countries.”

Personal remittances—which include cash transfers via banks, informal channels, and remittances in kind—also rose by 3.0 percent to US$2.97 billion in May, up from US$2.88 billion in May 2024.

From January to May, total personal remittances increased to US$15.34 billion, marking a 3.0 percent gain from the US$14.89 billion registered during the same stretch last year.

Figure 3

Personal Remittances in billion US dollars for periods indicated