MANILA — Cash remittances from overseas Filipinos rose 1.9 percent to US$3.24 billion in July 2026 from US$3.18 billion a year earlier, the Bangko Sentral ng Pilipinas reported Tuesday.
The increase was recorded in U.S. dollar terms, while the peso weakened against the dollar during the same period. The BSP’s monthly average exchange rate rose 8.5 percent to ₱61.5963 per US$1 in July 2026 from ₱56.7523 a year earlier.
At those average exchange rates, the July remittance inflow was worth about ₱199.6 billion, compared with roughly ₱180.5 billion a year earlier — a 10.6 percent increase in peso terms.
The figures show that while the dollar value of remittances itself increased 1.9 percent, the weaker peso amplified the amount received in Philippine currency.
Seasonally adjusted personal remittances, which include money sent through banks and informal channels as well as remittances in kind, also increased in July, indicating stronger remittance activity after accounting for recurring seasonal patterns, the central bank said.
From January through July, cash remittances reached US$22.73 billion, up 2.3 percent from US$22.21 billion during the same period in 2025.
Personal remittances totaled US$25.38 billion, up 2.9 percent from US$24.65 billion a year earlier.
The continued inflows supported household consumption and domestic economic activity, underscoring the role of remittances as a source of external financing and household income, the BSP said.
U.S. remains top source
The United States remained the largest reported source of cash remittances from January through July, accounting for 39.7 percent of total inflows.
Singapore followed with 7.1 percent, Saudi Arabia with 6.3 percent, Japan with 5 percent, and the United Kingdom with 4.7 percent.
The BSP cautioned that remittance data by country of origin have limitations. The United States appears to be the leading source partly because many remitting or correspondent banks are located there. The data do not necessarily mean the funds were generated in the United States.
By type of worker, land-based workers accounted for 80.2 percent of cash remittances from January through July, while sea-based workers accounted for 19.8 percent. PR
