Cash remittances from overseas Filipinos reached a record $3.52 billion in December 2025, propelling the full-year total to an all-time high of $35.63 billion, according to data released by the Bangko Sentral ng Pilipinas (BSP) Monday.
The annual figure represents a 3.3-percent increase from $34.49 billion recorded in 2024. These inflows are a critical driver of the Philippine economy, accounting for 7.3 percent of the country’s gross domestic poroduct and 6.4 percent of its gross national income.
The United States remained the primary source of cash remittances in 2025, followed by Singapore and Saudi Arabia.
The BSP, however, noted that the US share may be inflated due to common banking practices where remittance centers course funds through correspondent banks located in the U.S.
Money couriers also contribute to this data skew, as remittances that cannot be disaggregated by their actual country of origin are typically lodged under the country where the main offices are located, which is frequently the US.
Personal remittances, a broader measure that includes cash sent through informal channels and remittances in kind, also reached new high.
These rose to a record $3.89 billion in December 2025, bringing the full-year total to $39.62 billion, up 3.3 percent from $38.34 billion seen in 2024.
Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., attributed the December surge to the release of year-end bonuses and increased holiday spending. He said the steady growth in remittances also underscored the resilience of overseas employment despite global uncertainties.
“This matters for growth: remittances likely added around half a percentage point to [gross domestic product] by supporting consumption, housing, and services,” Ravelas said.
He cautioned that the proposed US remittance tax poses a risk to inflows. Ravelas said that while it would not derail remittance inflows, higher transaction costs could slow formal transfers and weigh on momentum over time.
“Bottom line: remittances remain a strong tailwind, but we can’t take them for granted,” said Ravelas.
