Cash remittances to the Philippines posted a steady increase in May 2025, with total remittances reaching US$2.66 billion, up 2.9% from the US$2.58 billion recorded in the same month last year, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). The growth was driven by a notable surge in remittances from sea-based overseas Filipinos (OFs), who saw a faster increase than their land-based counterparts.
Remittances by Sea-Based Overseas Filipinos Lead the Growth
In May 2025, remittances from land-based OFs amounted to US$2.12 billion, reflecting a 2.8% year-on-year growth. In comparison, remittances from sea-based OFs grew at a faster rate of 3.1%, contributing US$536 million to the total.
Year-to-date, cash remittances from January to May 2025 totaled US$13.77 billion, marking a 3.0% increase from the US$13.37 billion registered in the same period in 2024.
Top Sources of Remittances: United States, Singapore, and Saudi Arabia
The United States remains the largest source of remittances to the Philippines, followed by Singapore and Saudi Arabia. These three countries continue to be key contributors to the steady flow of funds that support millions of families in the Philippines.
Personal Remittances Also See Growth
In line with the increase in cash remittances, personal remittances, which include both formal cash transfers and remittances in kind, grew by 3.0% in May 2025. Personal remittances totaled US$2.97 billion, up from US$2.88 billion in May 2024.
Cumulative personal remittances for January-May 2025 reached US$15.34 billion, reflecting a 3.0% rise from the US$14.89 billion reported in the same period in 2024.
Sustaining the Growth of Remittances
The continued growth in remittances is expected to support domestic consumption, contribute to economic stability, and provide vital financial support to households across the Philippines. As the country remains heavily reliant on remittances to sustain its economy, the consistent increase highlights the enduring resilience and commitment of the Filipino diaspora.
The BSP continues to monitor the trends in remittances, and expects this positive growth to persist, especially as overseas employment opportunities remain robust despite global economic challenges.
