OFW cash remittances up 3% to $3.18B in July

Cash remittances from overseas Filipinos (OFs) reached US$3.18 billion in July 2025, a 3 percent increase from the previous year, according to the Bangko Sentral ng Pilipinas (BSP).

Sea-based workers sent home US$585 million, showing a 3.1 percent growth, while land-based workers remitted US$2.59 billion, also up by 3 percent year-on-year.

For the first seven months of 2025, cumulative cash remittances climbed to US$19.93 billion, a 3.1 percent increase from the comparable period in 2024.

Economists emphasize that these sustained inflows are vital to the Philippines' growth trajectory, with overseas worker funds comprising approximately 8-10 percent of the Gross Domestic Product (GDP).

The United States was the top source of remittances, followed by Singapore and Saudi Arabia.

Personal remittances, which include both formal and informal channels, also rose by 3.1 percent to US$3.53 billion in July.