Manila: Money sent home by overseas Filipinos increased by 3 percent to USD3.18 billion in July this year from USD3.08 billion in July 2024, the Bangko Sentral ng Pilipinas (BSP) reported. Data released on Monday highlighted that cash remittances from sea-based overseas Filipinos (OFs) grew at a slightly faster rate compared to those from land-based OFs.
According to Philippines News Agency, remittances from sea-based workers rose by 3.1 percent to USD585 million, whereas those from land-based workers saw a 3 percent increase, reaching USD2.59 billion. For the period from January to July this year, cash remittances totaled USD19.93 billion, marking a 3.1 percent increase from the USD19.33 billion recorded during the same timeframe last year.
The United States remained the leading source of remittances to the Philippines from January to July 2025, followed by Singapore and Saudi Arabia. “The increase in cash remittances drove an increase in personal remittances,” explained the BSP.
Personal remittances, which include cash sent through banks, informal channels, and remittances in kind, amounted to USD3.53 billion in July, reflecting a 3.1 percent increase over the USD3.43 billion recorded in July of the previous year. From January to July 2025, cumulative personal remittances rose by 3.1 percent to USD22.21 billion from USD21.53 billion in 2024.