MANILA, Philippines — Cash remittances from overseas Filipino workers (OFWs) fell in August following a seven-month high in July, according to data released on Wednesday by the Bangko Sentral ng Pilipinas (BSP).
Cash remittances, sent through banks or other formal channels, amounted to $2.977 billion in August, down from $3.179 billion in July but still higher than $2.885 billion recorded in the same month last year.
Breakdown by Sector
Land-based workers contributed $2.35 billion, reflecting a 3.0% increase year-on-year, while sea-based workers sent $626 million, up 3.8% compared to August 2024.
Year-to-date cash remittances reached $22.909 billion, a 3.1% rise from the $22.219 billion recorded in the same period last year.
Top Source Countries
The United States remained the largest source of remittances during the eight-month period, accounting for 40.4% of inflows. Other leading countries included:
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Singapore: 7.1%
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Saudi Arabia: 6.3%
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Japan: 4.9%
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United Kingdom: 4.8%
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United Arab Emirates: 4.5%
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Canada: 3.4%
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Qatar: 2.9%
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Taiwan: 2.8%
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South Korea: 2.6%
The BSP noted that funds sent through money couriers cannot always be attributed to the actual country of origin, as many are recorded under the country where the courier’s main office is located—often the United States.
Personal Remittances Also Up
Personal remittances—including cash or in-kind transfers through informal channels—totaled $3.307 billion in August, a 3.2% increase from $3.204 billion a year ago.
Year-to-date personal remittances rose 3.1% to $25.513 billion, compared with $24.736 billion during the same period in 2024.
Despite the month-to-month decline, the overall remittance trend remains positive, underscoring the continued contribution of overseas Filipinos to the domestic economy.