OFW cash remittances hit USD2.66B in May

Money sent home by overseas Filipinos (OFs) continued its upward trajectory in May 2025, with cash remittances rising by 2.9% to USD2.66 billion, according to the Bangko Sentral ng Pilipinas (BSP).

The figure is higher than the USD2.58 billion recorded in the same month last year. Land-based workers sent the bulk of the remittances at USD2.12 billion, while sea-based workers contributed USD536 million.

The BSP said the increase in cash remittances also fueled a 3% growth in personal remittances — which include transfers through banks, informal channels, and in-kind contributions — reaching USD2.97 billion from USD2.88 billion in May 2024.

For the first five months of 2025, cash remittances rose 3% to USD13.77 billion, while cumulative personal remittances also grew by 3% to USD15.34 billion.

The top sources of remittances were the United States, Singapore, Saudi Arabia, Japan, and the United Kingdom — underscoring the vital role of OFWs in fueling household consumption and supporting the Philippine economy.