MANILA — Cash remittances from overseas Filipinos rose 1.9 percent year over year to US3.03 billion in August 2026, up from US2.98 billion a year earlier, the Bangko Sentral ng Pilipinas (BSP) reported.
Data released on Oct. 15 showed that cash remittances coursed through banks reached US23.42 billion in the first eight months of 2026, up 2.3 percent from US22.91 billion in the same period last year.
Personal remittances, which include money sent through banks and informal channels as well as transfers in kind, also increased 2 percent to US3.37 billion in August from US3.31 billion a year earlier.
From January to August, personal remittances reached US26.10billion,up2.3percentfromUS25.51 billion in the same period in 2025.
The BSP said seasonally adjusted personal remittances edged up in August, indicating continued underlying growth after accounting for seasonal patterns.
“These inflows continued to underpin household spending and domestic economic activity,” the central bank said in its report, highlighting remittances’ role as a source of household income and external financing.
The United States remained the largest source of cash remittances during the January-August period, accounting for 39.8 percent of total inflows by reported country of origin. Singapore followed with 7.1 percent, while Saudi Arabia accounted for 6.3 percent.
The BSP cautioned that the country-of-origin data have limitations because remitting or correspondent banks are often located in the United States. The figures therefore do not necessarily mean the funds originated there.
Cash remittances refer to money sent by land-based and sea-based overseas Filipino workers through the banking system. Personal remittances cover a broader range of transfers, including compensation, household-to-household transfers, and remittances in kind. BSP