Cash remittances from overseas Filipino workers rose by 2 percent year on year to $2.71 billion in May, underscoring their continued support for household spending and domestic demand, the Bangko Sentral ng Pilipinas said.
The May total was slightly lower than the $2.718 billion recorded in April, representing a month-on-month decline of 0.18 percent.
Despite the marginal monthly drop, remittance inflows remained above the level posted a year earlier.
From January to May, cash remittances reached $14.11 billion, up 2.5 percent from $13.766 billion in the same period last year.
The BSP expects cash remittances to grow by 2.7 percent to $36.6 billion this year.
The United States remained the largest source of remittances, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates and Canada, based on transactions reported by country of origin.
“Seasonally-adjusted personal remittances, which include cash sent through banks and informal channels as well as remittances in kind, also rose slightly in May 2026,” the BSP said.
“Cash and personal remittances also grew in the period of January-May 2026. This highlights the sustained role of OFs in supporting household income, spending, and overall domestic demand,” it added.