FX.co ★ Philippine Remittances Rise 2.9% in May

Cash remittances sent through banks in the Philippines experienced a 2.9% year-over-year increase, reaching USD 2.66 billion in May 2025, up from USD 2.58 billion in May of the previous year. This growth was chiefly propelled by increased remittances from both land-based workers, which rose by 2.8%, and sea-based workers, which climbed by 3.1%. For the period from January to May, cash remittances ascended by 3.0% to USD 13.77 billion, largely supported by higher inflows originating from the United States, Singapore, and Saudi Arabia. The United States remained the leading source of these remittances, contributing 40.2% of the total, with Singapore at 7.4%, Saudi Arabia at 6.4%, Japan at 5.0%, and the United Kingdom at 4.6%. Meanwhile, personal remittances—which encompass bank transfers, informal methods, and in-kind contributions—rose to USD 2.97 billion in May, marking a 3% increase from USD 2.88 billion a year earlier. The cumulative personal remittances from January to May amounted to USD 15.34 billion, also reflecting a 3% uptick from USD 14.89 billion during the same timeframe in 2024.