OFW remittances rise 3% in July to $3.18B - BSP

Money sent home by overseas Filipino workers (OFWs) increased by 3 percent year on year in July, reaching $3.18 billion from $3.08 billion in the same month last year, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Cash remittances from sea-based workers rose by 3.1 percent to $585 million, outpacing the 3 percent growth in inflows from land-based workers, which amounted to $2.59 billion.

From January to July 2025, total cash remittances hit $19.93 billion, higher by 3.1 percent compared to $19.33 billion in the same period of 2024.

The BSP said the United States remained the top source of remittances during the seven-month period, followed by Singapore and Saudi Arabia.

“The increase in cash remittances drove an increase in personal remittances,” the central bank said.

Personal remittances—which include transfers sent through informal channels, in-kind remittances, and other household transfers—also rose by 3.1 percent to $3.53 billion in July from $3.43 billion last year. For the January–July period, these reached $22.21 billion, up from $21.53 billion in 2024.

The BSP noted that sustained inflows from OFWs continue to support domestic consumption, which remains a key driver of the Philippine economy.