Philippine cash remittances post slowest growth in over 4 years

By Katherine K. Chan, Reporter

Cash remittances from Filipinos abroad grew by its slowest pace in over four years in June even as the monthly level stood at a six-month high, Bangko Sentral ng Pilipinas (BSP) data showed.

Overseas Filipino workers (OFWs) sent home a total of $3.039 billion in cash remittances in June, rising by 1.7% from $2.987 billion a year ago.

This was the highest monthly remittance inflows since December last year, when it reached $3.522 billion.

However, the 1.7% growth was the weakest annual growth in four years and four months or since the 1.3% in February 2022.

“Cash remittances reached $3.04 billion in June 2026, the highest monthly cash remittance level recorded in the first half of 2026,” the central bank said in a statement on Monday.

This brought the first-half cash remittances to $17.149 billion, up by 2.4% from $16.753 billion.

Meanwhile, personal remittances amounted to $3.388 billion in June, up 1.8% from $3.329 billion the prior year.

“Seasonally adjusted personal remittances, which include cash sent through banks and informal channels as well as remittances in kind, likewise increased in June 2026,” the BSP said.

As of June, personal remittances went up by 2.4% to $19.123 billion from $18.672 billion last year.

“The United States remained the top source of inflows, followed by Singapore and Saudi Arabia, based on reported remittance transactions by origin,” the central bank said.

The BSP sees cash remittances rising by an annual 2.7% to $36.6 billion this year, slower than the 3.3% to $35.6 billion in 2025.