Philippine cash remittances drop to 3-month low in August

Money sent home by migrant Filipinos grew by 1.9% year on year in August to USD 3.035 billion, the lowest level in three months, preliminary Bangko Sentral ng Pilipinas (BSP) data showed.

Cash remittances sent by overseas Filipino workers (OFWs) through banks stood at USD 3.035 billion in August, climbing by 1.9% from the USD 2.977 billion seen a year ago

This was the slowest growth in three months or since June’s 1.7% and matched the annual growth posted in July.

However, this was the lowest monthly level in three months or since the USD 2.713 billion in May.

Month on month, however, cash remittances slipped by 6.3% from USD 3.24 billion.

In the eight months to August, cash remittances rose by 2.2% to USD 23.424 billion from USD 22.909 billion in the same period last year.

Meanwhile, personal remittances amounted to USD 3.372 billion in August, 2% higher than the USD 3.307 billion logged a year prior. These include both cash coursed through banks and informal channels as well as in-kind remittances.

As of August, personal remittances went up by 2.3% to USD 26.098 billion from USD 25.513 billion a year earlier.

The central bank projects cash remittances to reach USD 36.6 billion by yearend, up 2.7% from USD 35.6 billion in 2025. — Katherine K. Chan