Cash remittances sent through banks to the Philippines rose 2.9% year-on-year to $2.92 billion in January, up from $2.84 billion a year earlier, the Bangko Sentral ng Pilipinas (BSP) reported.
Despite the annual increase, the figure marked a 15.8% decline from the record-high $3.38 billion posted in December 2024, as inflows typically slow after the holiday season.
Total personal remittances—which include cash transfers, net compensation of employees, and capital transfers—also grew 2.9% to $3.24 billion from $3.15 billion in January 2024. However, this was down 13% from the all-time monthly high of $3.73 billion recorded in December.
“The growth in cash remittances from Saudi Arabia, the United States, Singapore, and the United Arab Emirates mainly contributed to the increase in January 2025,” the BSP said.
The United States remained the top source of remittances, accounting for 41.2% of total inflows, followed by Singapore (7.5%), Saudi Arabia (6.6%), Japan (5.7%), the United Kingdom (4.7%), the UAE (3.5%), Canada (3.1%), Taiwan (2.8%), Qatar (2.8%), and Malaysia (2.4%).
Remittances remain a key driver of the Philippine economy, supporting household consumption and contributing to the country’s balance of payments.
In 2024, personal remittances hit a record $38.34 billion, up from $37.21 billion in the previous year, while cash remittances coursed through banks reached an all-time high of $34.49 billion, compared with $33.49 billion in 2023.
For 2025, the BSP forecasts a 3% increase in cash remittances, potentially reaching $35.5 billion.
