Cash remittances from overseas Filipino workers (OFWs) slipped to a 12-month low in May, although inflows for the first five months of 2026 remained higher than a year earlier, according to data released by the Bangko Sentral ng Pilipinas (BSP).

Money transfers coursed through banks and other formal channels totaled $2.713 billion in May, slightly lower than the $2.718 billion recorded in April and the weakest monthly inflow since May 2025. 

Despite the decline, the BSP said cumulative cash remittances from January to May reached $14.11 billion, up from $13.77 billion in the same period last year.

The United States remained the largest source of remittances, accounting for 39.4 percent of total inflows, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Qatar, Taiwan and South Korea.

Meanwhile, personal remittances—which include cash transfers through formal and informal channels as well as remittances in kind—stood at $3.033 billion in May, slightly below April’s $3.037 billion but higher than the $2.971 billion posted a year earlier.

The BSP noted, however, that remittances sent through money couriers are often recorded under the country where the courier’s headquarters is located, which tends to inflate the share attributed to the United States.