Remittances from overseas Filipino workers (OFWs) reached $20.39 billion in the first seven months of 2026, up 2.3 percent from $19.93 billion a year earlier, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.

The figure represents personal remittances, the broader measure that includes cash sent through banks and informal channels, remittances in kind, and other qualifying transfers.

Meanwhile, cash remittances coursed through banks, a narrower measure, totaled $19.54 billion from January to July, also 2.3 percent higher than the $19.09 billion recorded in the same period last year.

The $850 million gap between the two figures reflects the additional components captured under the BSP’s broader personal-remittance measure.

In July alone, cash remittances rose 1.9 percent year-on-year to $3.24 billion from $3.18 billion, while personal remittances increased 2 percent to $3.60 billion from $3.53 billion.

Still among the slowest in over four years

However, RCBC chief economist Michael Ricafort noted that while July’s remittance growth was “still among the slowest in more than 4 years or since May 2022,” the monthly level remained among the highest on record.

“[The July figure is still the] 4th highest on record amid some seasonal increase in OFW remittances and conversion to pesos for tuition and other school opening-related expenditures in July 2026 in view of the start of the new school year,” he said, pointing to tuition and back-to-school-related expenses.

The BSP likewise said the July figures showed continued growth after adjusting for seasonal patterns. Seasonally adjusted personal remittances increased during the month, indicating stronger underlying remittance activity after accounting for recurring seasonal movements.

Ricafort said the broader global economic downturn due to the ongoing conflict in the Middle East may have had mixed effects on remittances, with accelerated inflation and a stronger dollar providing a higher incentive for OFWs to send money home.

“[O]FWs and their families [would] also benefit from [the] near-record-high US dollar/peso exchange rate, now at 62.80 levels, up by more than 9 percent since the war on Iran/Middle East started on 28 February 2026, or more than six months ago, and also higher by 23 percent since the Russia-Ukraine war started in 28 February 2022, or more than 4.5 years ago, resulting in more peso proceeds from OFW remittances but offset by the resulting higher local prices/inflation, but still better off than those that just earn in pesos,” he said.

United States still largest source

The United States remained the largest source of cash remittances during the January-to-July period, 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. Remittances from other countries made up 37.1 percent.