Cash remittances to the Philippines continued to grow in May 2025, with funds from sea-based overseas Filipinos (OFs) increasing at a faster pace than those from land-based OFs.
Filipinos abroad sent $2.66 billion in cash remittances through banks in May, up 2.9 percent from the $2.58 billion recorded in May 2024.
The Bangko Sentral ng Pilipinas said land-based OFs accounted for the larger share of $2.12 billion, up 2.8 percent year-on-year, while sea-based OFs accounted for $536 million, a rise of 3.1 percent.
Cumulative cash remittances rose 3.0 percent in the first five months of 2025 to $13.77 billion from $13.37 billion in the same period last year.
The United States remained the top source of remittances to the Philippines during January-May 2025, followed by Singapore and Saudi Arabia.
The Bangko Sentral ng Pilipinas (BSP) noted some limitations on remittance data by source, as many remittance centers abroad course funds through correspondent banks, most of which are located in the U.S
. Remittances coursed through money couriers cannot be disaggregated by actual country source and are lodged under the country where the main offices are located, which, in many cases, is also in the U.S.
“Therefore, the U.S. would appear to be the main source of OF remittances because banks attribute the origin of funds to the most immediate source,” the BSP said.
The increase in cash remittances drove a rise in personal remittances as well. Personal remittances include cash sent through banks and informal channels, as well as remittances in kind.
Personal remittances reached $2.97 billion in May 2025, up 3.0 percent from $2.88 billion in May 2024.
Cumulative personal remittances reached $15.34 billion in January-May 2025, a 3-percent increase from the $14.89 billion recorded in January-May 2024.
The BSP said that on a month-on-month seasonally adjusted basis, personal remittances declined 0.6 percent.
