CASH remittances sent home by Overseas Filipinos rose 3.7 percent year-on-year in September to $3.12 billion, the Bangko Sentral ng Pilipinas (BSP) said on Monday, supported by steady inflows from the United States, Singapore and Saudi Arabia.
For the first nine months of the year, cash remittances increased 3.2 percent to $26.03 billion, up from $25.23 billion in the same period in 2024. The BSP expects remittance growth to remain firm as overseas hiring improves and global labor demand stabilizes.
Personal remittances — which capture cash transfers coursed through banks and informal channels, along with remittances in kind — rose 3.8 percent in September to $3.46 billion. Cumulative personal remittances for January–September climbed 3.2 percent to $28.97 billion from $28.07 billion a year earlier.
Remittances remain a key pillar of the Philippine economy, helping support household spending and cushioning domestic demand against external risks. / KOC