Remittances hit $16.25 billion in first half of 2025

Cash remittances coursed through banks rose by 3.7 percent in June 2025, reaching USD2.99 billion compared to USD2.88 billion a year earlier, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

The central bank said the growth was driven by strong inflows from land-based overseas Filipino workers (OFWs), which climbed 3.7 percent year-on-year to USD2.43 billion. Sea-based worker remittances also posted gains, increasing 3.5 percent to USD555 million.

For the first half of 2025, cash remittances reached USD16.25 billion, up 3.1 percent from USD15.75 billion in the same period last year. By country of origin, the United States accounted for the largest share at 40.1 percent, followed by Singapore at 7.1 percent and Saudi Arabia at 6.2 percent.

Personal remittances, which include in-kind transfers, also grew 3.7 percent in June to USD3.33 billion. For the six-month period, personal remittances increased 3.1 percent to USD18.67 billion.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the latest figures remain a “bright spot” for the economy, noting that remittances are a key driver of consumer spending, which accounts for about 68 percent of domestic activity.

“The 3.7 percent rise in cash remittances in June was the highest monthly inflow in the past six months, since the record USD3.38 billion posted in December 2024,” Ricafort said.

He added that while possible risks remain from US protectionist policies, above-average growth has been recorded from other sources such as Singapore, Saudi Arabia, the UAE, Qatar, Taiwan, and Hong Kong.

The Philippines remains the world’s fourth-largest remittance recipient after India, Mexico, and China, reflecting sustained demand for Filipino professionals and seafarers abroad.