BSP reports continued growth in OF remittances

Remittances from overseas Filipinos (OFs) rose by 2.9 percent in May 2025, reaching USD2.66 billion, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.

The central bank said the increase was driven by continued growth in remittances from both land-based and sea-based workers. Land-based OFs accounted for USD2.12 billion of the total, while sea-based workers sent home USD536 million.

The BSP also noted a corresponding rise in personal remittances—which include transfers through banks, informal channels, and non-cash remittances—which went up by 3 percent to USD2.97 billion from USD2.88 billion in May 2024.

Cumulative data for the first five months of 2025 showed cash remittances reaching USD13.77 billion, a 3 percent increase compared to USD13.37 billion in the same period last year. Total personal remittances during this time also rose by 3 percent, reaching USD15.34 billion.

According to the central bank, the United States, Singapore, Saudi Arabia, Japan, and the United Kingdom remained the top sources of remittances during the reporting period.

The steady rise in remittances continues to support household consumption and domestic economic activity, which is particularly important as the country navigates a period of moderate inflation and recovering external demand.