FX.co ★ Philippine Remittances Up 3.2% YoY in August

Cash remittances transmitted through banks in the Philippines experienced a 3.2% increase year-on-year, reaching USD 2.98 billion in August 2025, up from USD 2.89 billion in the same month of the previous year. This growth was primarily driven by enhanced remittances from both land-based workers (3%) and sea-based workers (3.8%). From January to August, cash remittances rose by 3.1% to USD 22.91 billion, with the notable contributions from the United States, Singapore, and Saudi Arabia bolstering the figures. The United States maintained its position as the largest source, contributing 40.4% of total remittances, followed by Singapore (7.1%), Saudi Arabia (6.3%), Japan (4.9%), and the United Kingdom (4.8%). Concurrently, personal remittances—which encompass bank transfers, informal channels, and in-kind transfers—climbed to USD 3.31 billion in August, marking a 3.2% rise from USD 3.2 billion a year earlier. For the period from January to August, cumulative personal remittances reached USD 25.51 billion, noting a 3.1% increase from USD 24.74 billion during the same period in 2024.