The Central Bank of the Philippines published remittance data showing cash remittances sent through banks rose by 2.9 percent year-on-year in May 2025 to USD 2.66 billion, with remittances from sea-based overseas Filipinos growing slightly faster than those from land-based workers. Land-based overseas Filipinos accounted for USD 2.12 billion of May cash remittances (up 2.8 percent year-on-year), while sea-based overseas Filipinos contributed USD 536 million (up 3.1 percent). For January to May 2025, cumulative cash remittances increased by 3.0 percent to USD 13.77 billion. The United States remained the top reported source of cash remittances in January to May 2025, followed by Singapore and Saudi Arabia, with the central bank noting that sourcing by country is affected by the use of correspondent banks and remittance center practices that can attribute origins to the most immediate source. Personal remittances rose by 3.0 percent year-on-year to USD 2.97 billion in May 2025 and reached USD 15.34 billion cumulatively for January to May 2025 (up 3.0 percent), while personal remittances declined by 0.6 percent on a seasonally adjusted month-on-month basis.
Central Bank of the Philippines 2025-07-15
Central Bank of the Philippines reports May 2025 cash remittances up 2.9 percent to USD 2.66 billion
The Central Bank of the Philippines reported a 2.9% year-on-year increase in May 2025 cash remittances through banks, totaling USD 2.66 billion. Sea-based overseas Filipinos contributed USD 536 million (up 3.1%) and land-based workers USD 2.12 billion (up 2.8%). January-May cumulative cash remittances rose 3.0% to USD 13.77 billion, with the United States as the top source, followed by Singapore and Saudi Arabia. Personal remittances grew 3.0% year-on-year to USD 2.97 billion in May, reaching USD 15.34 billion for the first five months, despite a 0.6% month-on-month decline seasonally adjusted.