By Katherine K. Chan, Reporter
Money sent home by overseas Filipino workers (OFWs) rose to its highest monthly level this year as it hit over $3.2 billion in July, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.
Cash remittances coursed through banks grew by 1.9% year on year to $3.24 billion in July from $3.179 billion, preliminary central bank data showed.
This was the highest value of monthly remittances seen in seven months or since the $3.522 billion logged in December 2025.
In terms of growth, it was the fastest pace since the 2% in May.
Month on month, cash remittances rose by 6.6% from $3.039 billion in June.
“The United States remained the top source of inflows, followed by Singapore and Saudi Arabia, based on reported remittance transactions by origin,” the BSP said in a statement.
As of July, cash remittances from migrant Filipinos reached $20.389 billion, 2.3% higher than the $19.932 billion recorded in the comparable year-ago period.
Meanwhile, personal remittances, which include both cash coursed through banks and informal channels as well as in-kind remittances, climbed by 2% to $3.603 billion from $3.533 billion a year earlier.
This brought personal remittances to $22.726 billion in the seven months to July, up by an annual 2.3% from $22.206 billion a year ago.
The BSP expects cash remittances to grow by 2.7% annually to $36.6 billion this year, slower than the 3.3% to $35.6 billion in 2025.
