Cash remittances from overseas Filipinos increased by 1.9 percent in August 2026, reaching USD 3.03 billion from USD 2.98 billion in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP).
Data released Thursday, October 15, showed that cumulative cash remittances from January to August rose by 2.2 percent to USD 23.42 billion, compared with USD 22.91 billion during the same period in 2025.
The United States remained the largest source of cash remittances, followed by Singapore and Saudi Arabia.
Meanwhile, personal remittances, which include funds transferred through formal and informal channels as well as remittances in kind, grew by 2 percent to USD 3.37 billion in August.
For the first eight months of 2026, personal remittances increased by 2.3 percent to USD 26.10 billion.
“These inflows continued to underpin household spending and domestic economic activity, reflecting the resilience of remittance flows as a key source of household income and external financing,” the BSP said.
Union Bank of the Philippines chief economist Ruben Carlo Asuncion said the figures indicate that remittances remain stable despite slower growth caused by softer overseas worker deployment and global economic uncertainties.
“While geopolitical risks continue to pose challenges, remittances have historically been among the country’s most stable external inflows,” Asuncion said.
He added that remittance inflows could increase during the final quarter of the year as overseas Filipinos send more money home for the holiday season.
“With seasonal holiday-related transfers typically picking up in the fourth quarter, the BSP’s 2.7% growth target for 2026 remains within reach, provided current trends hold through year-end,” he said.
Remittances remain an important source of household income in the Philippines, supporting consumer spending and domestic economic activity.
