Cash remittances sent home by overseas Filipinos rose 2.0% in May from a year earlier to $2.71 billion, extending steady growth that continued to support household income and domestic demand, central bank data accessed by CrowdFund Insider showed.
The increase brought cash remittances in the first five months of 2026 to $14.11 billion, up 2.5% from $13.77 billion in the same period last year, the Bangko Sentral ng Pilipinas (BSP) said.
Personal remittances, which include cash transfers through banks as well as remittances in kind sent through other channels, climbed 2.1% year-on-year to $3.03 billion in May.
On a seasonally adjusted basis, personal remittances edged up 0.1% from April to $3.34 billion.
For the January-May period, personal remittances rose 2.6% to $15.73 billion from $15.34 billion a year earlier.
The BSP said the increase in cash remittances reflected sustained inflows from overseas Filipinos.
Land-based workers continued to account for the bulk of remittances, with transfers rising 2.1% to $2.17 billion in May, while remittances from sea-based workers increased 1.7% to $544 million.
The United States remained the largest source of remittances during the January-May period, accounting for 39.4% of total cash transfers based on reported remittance transactions by origin.
Singapore ranked second with a 7.4% share, followed by Saudi Arabia at 6.4%, Japan at 5.1%, the United Kingdom at 4.6%, the United Arab Emirates at 4.3%, Canada at 3.3%, Qatar at 2.9%, Taiwan at 2.8%, and South Korea at 2.7%.
Among land-based workers, the United States accounted for 41.9% of remittances, followed by Saudi Arabia with 8.1%, Singapore with 6.4%, the United Arab Emirates with 5.4% and Japan with 4.4%.
For sea-based workers, the United States remained the largest source with a 30.0% share, followed by Singapore at 11.2%, Japan at 7.8%, Germany at 5.6% and Panama at 5.2%.
The BSP said the continued growth in both cash and personal remittances during the first five months of the year underscored the sustained role of overseas Filipinos in supporting household income, consumer spending and overall domestic demand.
Remittances are a key pillar of the Philippine economy, providing a stable source of foreign exchange while helping underpin private consumption, which accounts for about three-fourths of the country’s economic output.
