The resilience and dedication of overseas Filipino workers (OFWs) once again boosted the country’s economy, as cash remittances surged to $2.66 billion in May 2025—a 2.9% increase from $2.58 billion in the same month last year.
According to the Bangko Sentral ng Pilipinas (BSP), sea-based OFWs led the growth this time, with their remittances rising by 3.1% to $536 million. Meanwhile, land-based OFWs sent a larger volume of $2.12 billion, up by 2.8% year-on-year.
For the first five months of 2025, total cash remittances hit $13.77 billion, reflecting a steady 3.0% increase from $13.37 billion in the same period last year. These inflows continue to be a critical lifeline for millions of Filipino families and a key pillar of the domestic economy.
The United States remained the leading source of these cash transfers, followed by Singapore and Saudi Arabia—testament to the continued global presence of the Filipino workforce.
In tandem with cash remittances, personal remittances—which also account for non-bank transfers and in-kind contributions—reached $2.97 billion in May, up by 3.0% from the $2.88 billion posted a year ago. From January to May, total personal remittances grew to $15.34 billion, compared to $14.89 billion in the same period of 2024.
These rising remittance figures highlight the unwavering commitment of OFWs, whose contributions not only support their loved ones back home but also provide a consistent buffer for the Philippine economy amid global uncertainties.