Philippine cash remittances hit USD 3.24 billion in July

MANILA, Philippines — Cash remittances from overseas Filipinos rose to USD 3.24 billion in July 2026, up 1.9% from USD 3.18 billion in the same month last year, the Bangko Sentral ng Pilipinas said Monday.

The continued growth matters for millions of Filipino households because remittances help finance food, education, housing, health care, and other daily expenses while supporting consumer spending and broader economic activity.

Remittance inflows also remain an important source of foreign exchange for the Philippines, helping provide external financing as global economic and geopolitical uncertainties continue to affect households and businesses.

Personal remittances, a broader measure that includes cash sent through banks and informal channels as well as remittances in kind, increased 2% to USD 3.60 billion in July from USD 3.53 billion a year earlier.

On a seasonally adjusted basis, personal remittances increased 0.6% from June, indicating firmer underlying inflows after recurring seasonal patterns were removed.

The BSP’s statistical series showed seasonally adjusted personal remittances at USD 3.38 billion in July, up from about USD 3.36 billion in June.

Cash remittances from land-based overseas Filipinos reached USD 2.65 billion in July, 2.1% higher than USD 2.59 billion a year earlier.

Remittances from sea-based workers stood at about USD 0.59 billion in July, representing a 1.3% year-on-year increase despite the rounded figures appearing unchanged.

From January through July, cash remittances increased 2.3% to USD 20.39 billion from USD 19.93 billion in the comparable period of 2025.

Land-based workers accounted for USD 16.35 billion of cash remittances during the seven-month period, up 2.4% from USD 15.97 billion a year earlier.

Sea-based workers sent USD 4.04 billion through the banking system from January to July, 2% more than the USD 3.96 billion recorded in the same period last year.

Personal remittances for January to July likewise grew 2.3% to USD 22.73 billion from USD 22.21 billion in the corresponding period of 2025.

The BSP said the sustained inflows continued to support household consumption and domestic economic activity, underscoring the resilience of remittances as a source of household income and external financing.

Cash remittances refer specifically to money sent by land-based and sea-based overseas Filipino workers through the banking system, while personal remittances cover a wider range of transfers, including those coursed through informal channels and remittances in kind.

The scale of the flows highlights their importance to the economy, with cash remittances equivalent to 7.1% of gross domestic product in the second quarter of 2026 and personal remittances equivalent to 8% of GDP.

In the first quarter, cash remittances were equivalent to 7.4% of GDP, while personal remittances represented 8.2%.

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

For January to July, the U.S. accounted for 39.7% of reported cash remittances, Singapore contributed 7.1%, and Saudi Arabia accounted for 6.3%.

Japan accounted for another 5% of cash remittances during the period, while the United Kingdom contributed 4.7% and the rest of the world made up 37.1%.

The BSP cautioned that remittance data by country of origin have limitations because remitting or correspondent banks are often located in the U.S., meaning funds recorded as originating there were not necessarily earned in the U.S.

Land-based workers generated 80.2% of total cash remittances from January to July, while sea-based workers accounted for 19.8%.

Among land-based workers, the U.S. accounted for 41.9% of remittances, followed by Saudi Arabia at 7.8%, Singapore at 6.3%, the United Arab Emirates at 5.5%, and the United Kingdom at 4.6%.

Other countries accounted for the remaining 33.9% of cash remittances from land-based workers.

For sea-based workers, the U.S. accounted for 30.8% of remittances, followed by Singapore at 10.3%, Japan at 7.4%, Germany at 5.8%, and the United Kingdom at 5.4%.

Other countries accounted for 40.3% of remittances from sea-based workers.

The latest figures extend the Philippines’ long-standing reliance on earnings sent home by Filipinos overseas, making the stability of remittance flows significant not only for individual families but also for domestic consumption, foreign-exchange availability, and overall economic resilience.