Filipinos abroad sent $2.66 billion in cash remittances through banks in May 2025, up by 2.9 percent from the $2.58 billion recorded in May 2024, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

It was lower compared to the April figure of $2.66 billion.

Of that figure, land-based overseas Filipinos (OF) accounted for the much bigger share of $2.12 billion (up 2.8 percent year-on-year), while the sea-based OFs accounted for the smaller share of $536 million (up 3.1 percent).

In the January-May 2025 period, cumulative cash remittances rose by 3 percent to $13.77 billion from the $13.37 billion registered in the same period last year.

The United States remained the top source of remittances to the Philippines during January-May 2025, followed by Singapore, and Saudi Arabia.

The increase in cash remittances drove an increase in personal remittances as well. Personal remittances include cash sent through banks and informal channels as well as remittances in kind.

Personal remittances reached $2.97 billion in May 2025, up by 3 percent from $2.88 billion in May 2024.

Cumulative personal remittances reached $15.34 billion in January-May 2025, marking a three percent increase from the $14.89 billion recorded in January-May 2024. Bangko Sentral ng Pilipinas