Cash remittances hit $3.03 billion in August

MANILA — Cash remittances from overseas Filipinos reached $3.03 billion in August, the Bangko Sentral ng Pilipinas (BSP) said Thursday.

This is higher than the $2.98 billion seen in August 2025, but lower than the $3.24 billion seen in July.

The BSP said most of the remittances came from the United States, Singapore, and Saudi Arabia.

The central bank also said seasonally adjusted personal remittances–which include cash sent through banks and informal channels, as well as remittances sent in kind–also increased slightly in August.

Money sent home by Filipinos working abroad is one of the Philippine economy’s most vital lifelines. Remittances power domestic consumption and drive economic growth.

Household consumption grew by 2.8 percent in the second quarter of 2026, slower than the 5.2-percent growth in the second quarter of 2025, the Philippine Statistics Authority said.