BUSINESS
BSP: Remittances reach half-year high in June
The June figure, which marked a 10.7 percent rebound from the previous month’s 12-month low, rose 1.8 percent from $2.99 billion a year earlier, bringing total cash remittances for the first six months to $18.11 billion, up 2.9 percent from $17.59 billion in the same period last year. The US, accounting for 39.4 percent of total inflows, remained the largest source of cash remittances during the first half of the year
Cash remittances from overseas Filipinos reached $3.04 billion in June 2026, the highest monthly level recorded in the first half of the year, according to the Bangko Sentral ng Pilipinas (BSP).
The BSP said in a Monday statement that the June figure rose 1.8 percent from $2.99 billion a year earlier, bringing total cash remittances for the first six months to $18.11 billion, up 2.9 percent from $17.59 billion in the same period last year.
June figure
The June figure also marked a 10.7 percent rebound from the previous month’s 12-month low. Money transfers coursed through banks and other formal channels totaled $2.713 billion in May, slightly below the $2.718 billion recorded in April and the weakest monthly inflow since May 2025.
Personal remittances, which include cash sent through banks and informal channels as well as remittances in kind, also increased in June, reaching $3.39 billion, up 1.8 percent from $3.33 billion a year earlier. From January to June, personal remittances totaled $19.12 billion, 2.4 percent higher than the $18.67 billion recorded in the first half of 2025. Seasonally adjusted personal remittances also increased during the month.
The BSP said continued growth in remittance inflows helped support recipient households’ income and spending, contributing to overall domestic demand.
Largest source of cash remittances
The United States remained the largest source of cash remittances during the first half, accounting for 39.4 percent of total inflows. Singapore followed with 7.2 percent, Saudi Arabia with 6.3 percent, Japan with 5.1 percent, the United Kingdom (UK) with 4.8 percent, the United Arab Emirates (UAE) with 4.4 percent, Canada with 3.3 percent, Qatar with 3 percent, Taiwan and South Korea with 2.8 percent each, while other countries accounted for 21 percent.
Among land-based workers, the US accounted for 41.7 percent of cash remittances, followed by Saudi Arabia at 7.8 percent, Singapore at 6.3 percent, the UAE at 4.5 percent and the UK at 4.7 percent. For sea-based workers, the US accounted for 30.4 percent, followed by Singapore at 10.6 percent and Japan at 7.6 percent.