Manila: Money sent home by overseas Filipinos (OFs) continued to grow, increasing by 3.2 percent in August this year, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the BSP on Wednesday showed that cash remittances during the month reached USD2.98 billion, up from USD2.89 billion in August last year.
According to Philippines News Agency, remittances from land-based overseas Filipinos accounted for USD2.35 billion, while sea-based OFs contributed USD626 million. From January to August this year, cash remittances rose by 3.1 percent to USD22.91 billion from last year’s USD22.22 billion.
The United States remained the top source of remittances to the Philippines during the period, followed by Singapore and Saudi Arabia. The BSP said the increase in cash remittances also boosted personal remittances.
Personal remittances, which include cash sent through banks and informal channels as well as remittances in kind, went up by 3.2 percent from USD3.20 billion in August 2024 to USD3.31 billion in August 2025. Year-to-date, personal remittances increased by 3.1 percent from USD24.74 billion recorded in January to August 2024 to USD25.51 billion in January to August 2025.