OFW cash remittances slump to a one-year low in May
EM - News Moderator 
By Katherine K. Chan, Reporter
MONEY sent home by migrant Filipinos fell to its lowest level in a year in May, with the annual growth steadying from the prior month, preliminary Bangko Sentral ng Pilipinas (BSP) data showed.
Cash remittances from overseas Filipino workers (OFWs) rose by 2% year on year to $2.713 billion in May. This figure is the lowest amount of cash remittances since May 2025, when remittances stood at $2.658 billion.
The 2% annual growth was the same as in April, which was the slowest in nearly four years or since the 1.8% in May 2022.
“Cash remittances increased year-on-year in May 2026, reflecting sustained inflows from overseas Filipinos,” the central bank said in a statement on Wednesday.
However, the latest monthly tally was 0.18% lower than the $2.718 billion in cash remittances logged in April.
In the five months to May, migrant Filipinos sent home a total of $14.11 billion, up 2.5% from the $13.766 billion a year ago.
The BSP expects cash remittances to climb 2.7% to $36.6 billion this year, slower than the 3.3% to $35.6 billion in 2025.
