OFW remittances hit $3.2B in July, 7-month high

Cash remittances from overseas Filipinos reached US$3.2 billion in July, marking a seven-month high and a 3 percent increase compared to the same period last year.

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

Cumulative cash remittances for the first seven months of 2025 amounted to US$19.93 billion, showing a 3.1 percent rise from the previous year.

The July increase was attributed to the school season, a weaker peso encouraging higher inflows due to a stronger dollar, and global job stability for workers.

Economists highlight the crucial role of these sustained remittances in the Philippines' economic growth, estimating them to comprise approximately 8-10 percent of the GDP.

The United States was the primary source of these remittances, with Singapore and Saudi Arabia following.

Personal remittances, encompassing various forms of transfers, also saw a 3.1 percent increase in July, reaching US$3.53 billion.