Overseas Filipino Remittances Hit 7-Month High

MANILA, Philippines — Personal remittances from overseas Filipinos rose by two percent to $3.6 billion in July, the highest level since December last year, as money sent home continued to provide steady support to household spending despite modest growth. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed personal remittances increased from $3.53 billion in July 2025. The July level was also higher than the $3.39 billion recorded in June. Personal remittances are the BSP’s broader measure of money and other resources sent home by overseas Filipinos. They include cash coursed through banks and informal channels as well as remittances in kind. Meanwhile, cash remittances, which cover money sent by land-based and sea-based workers through the banking system, grew by 1.9 percent to $3.24 billion in July from $3.18 billion a year ago. The July cash remittance level was likewise the highest since December 2025, when inflows reached $3.52 billion. It also exceeded the $3.04 billion registered in June. For the January to July period, personal remittances increased by 2.3 percent to $22.73 billion from $22.21 billion in the same period last year. Cash remittances likewise rose by 2.3 percent to $20.39 billion from $19.93 billion. “These inflows provided continued support to household consumption and domestic economic activity, underscoring the resilience of remittance flows as an important source of external financing and household income,” the BSP said. Jonathan Ravelas, senior adviser at Reyes, Tacandong & Co., said the latest figures continued to point to resilience even as growth remained moderate. “Remittances continue to demonstrate resilience and remain a critical buffer for the Philippine economy,” Ravelas said. “The latest data suggest steady – not spectacular – growth, with the weaker peso providing additional support but not fundamentally changing the long-term trajectory of remittance inflows.” The United States remained the largest reported source of cash remittances, accounting for 39.7 percent of the total in the first seven months. It was followed by Singapore at 7.1 percent, Saudi Arabia at 6.3 percent, Japan at five percent and the United Kingdom at 4.7 percent. The BSP cautioned that the country-of-origin data have limitations because many remitting or correspondent banks are based in the US. This means funds recorded as originating from the US were not necessarily earned there.