Cash remittances sent by overseas Filipinos (OFs) continued to post steady growth in July 2025, with inflows rising 3 percent year-on-year to US$3.18 billion, up from US$3.08 billion in July 2024, according to the Bangko Sentral ng Pilipinas (BSP).
Land-based OFWs remained the primary source of these remittances, contributing US$2.59 billion, also up 3 percent year-on-year. Meanwhile, remittances from sea-based workers increased by 3.1 percent, reaching US$585 million.
This sustained growth in remittance inflows highlights the continuing role of overseas labor as a driver of household consumption and economic resilience in the Philippines.
For the first seven months of 2025, cumulative cash remittances totaled US$19.93 billion, representing a 3.1 percent increasefrom US$19.33 billion in the same period in 2024.
The BSP also reported a corresponding rise in personal remittances, which include transfers through banks, informal channels, and remittances in kind. In July 2025, personal remittances grew 3.1 percent to US$3.53 billion from US$3.43 billion a year earlier. From January to July 2025, total personal remittances reached US$22.21 billion, also reflecting a 3.1 percent year-on-year growth.
The United States remained the largest source of remittances during the January–July period, followed by Singapore and Saudi Arabia, according to BSP data. However, the central bank cautioned that actual country attribution may be skewed due to the routing of remittances through U.S.-based correspondent banks and money couriers headquartered in the United States.
Remittance inflows play a critical role in the economy, contributing significantly to domestic consumption and foreign exchange reserves. Its growth in both cash and personal remittances helps support the local currency, the peso, narrow the current account deficit, and sustain household spending, particularly amid global economic headwinds.
BSP data also showed that seasonally adjusted personal remittances in July 2025 increased by 0.3 percent month-on-month, indicating continued resilience in OFW income support despite external uncertainties.
