Cash remittances from overseas Filipinos dropped in January 2025 following a record-high amount sent in December, according to data from the Bangko Sentral ng Pilipinas (BSP).
Money transfers through banks and formal channels totaled $2.918 billion for the month, down from the $3.380 billion recorded in December 2024. However, this was still an increase from the $2.836 billion sent in January 2024.
The BSP attributed the year-on-year rise in remittances to higher inflows from Saudi Arabia, the United States, Singapore, and the United Arab Emirates (UAE). The U.S. remained the top source, accounting for 41.2% of total remittances, followed by Singapore (7.5%), Saudi Arabia (6.6%), Japan (5.7%), and the United Kingdom (4.7%). The UAE contributed 3.5%, while Canada, Taiwan, Qatar, and Malaysia also made up a significant share.
Meanwhile, personal remittances—which include both cash and in-kind transfers sent via informal channels—stood at $3.243 billion, declining from December’s $3.733 billion but exceeding the $3.163 billion recorded in January 2024.
The BSP clarified that some remittances sent through money couriers are attributed to the location of their main offices, which often results in a higher U.S. share in official figures.
