After hitting a two-year high in April, cash remittances from overseas Filipinos showed a more modest increase in May, according to the Bangko Sentral ng Pilipinas (BSP).
Data released by the central bank revealed that remittances coursed through banks reached $2.66 billion in May 2025, marking a 2.9% year-on-year increase. This growth was slower compared to April’s 4% uptick, which had been the strongest since early 2022.
Despite the deceleration, remittance inflows remain on track with the BSP’s forecast of a 2.8% annual growth for 2025, with total remittances expected to hit $35.5 billion by year-end.
Remittances remain a crucial pillar of the Philippine economy, supporting household consumption and contributing to foreign exchange reserves.
