Cash remittances from overseas Filipinos (OFs) reached a record high of $35.63 billion in 2025, equivalent to about P2.07 trillion at current exchange rates, according to the Bangko Sentral ng Pilipinas (BSP).

Latest central bank data showed that remittances — long considered a cornerstone of the Philippine economy — were 3.3 percent higher than the $34.49 billion recorded in 2024. The BSP said the annual figure represents 7.3 percent of the country’s gross domestic product (GDP) and 6.4 percent of gross national income (GNI).

Christmas boost

Month on month, OFs remitted $3.52 billion in December 2025, up by $610 million from November’s six-month low, with the Christmas period typically boosting inflows.

BSP data showed holiday-related remittances increased from November to December by about $572 million in 2024 and $561 million in 2023, as OFs sent more funds home for year-end expenses and gift-giving.

Remittances also fuel consumption, which accounts for about 76 percent of Philippine GDP. A stronger dollar provided more purchasing power for Filipinos during the holiday season, when spending typically rises.

U.S. top remittance source

The United States remained the top source of cash remittances in 2025, followed by Singapore and Saudi Arabia. The US also accounted for the largest share of both land- and sea-based remittances.

Meanwhile, personal remittances — which include both cash transfers and compensation of OFs — rose to $3.89 billion in December 2025. This brought the full-year total to an all-time high of $39.62 billion, up 3.3 percent from $38.34 billion in 2024.