Benise Balaoing

Photo illustration of US dollar to PH peso exchange in this photo taken on September 30, 2022. Gigie Cruz, ABS-CBN News

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Peso-dollar

ABS-CBN News

MANILA -- Cash remittances reached $2.71 billion in May, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.The BSP said this is 2 percent higher than the $2.66 billion in May last year.The BSP also said most of the remittances came from the United States, followed by Singapore and Saudi Arabia.Personal remittances, meanwhile, also went up by 2.1 percent to $3.03 billion in May, higher than the $2.97 billion seen in the same month last year. Personal remittances include cash sent through banks and informal channels and remittances sent in kind.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 3 percent in the <a href="https://www.abs-cbn.com/news/business/2026/5/7/gdp-growth-skids-to-2-8-percent-in-first-quarter-of-2026-1007" rel="noopener noreferrer" target="_blank">first quarter of 2026</a>, the Philippine Statistics Authority said.<div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/7/9/bpos-overtake-remittances-as-biggest-growth-engine-drive-property-demand-lobien-1306" rel="noopener noreferrer" target="_blank">BPOs overtake OFW remittances as biggest growth engine, drive property demand — Lobien</a></div>

Cash remittances reached $2.71 billion in May, the Bangko Sentral said Wednesday.

Cash remittances reached $2.71 billion in May, the Bangko Sentral said Wednesday.

Cash remittances up to $2.7 billion in May

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Cash remittances up to $2.7 billion in May

Benise Balaoing,

ABS-CBN News

Published July 15, 2026 11:00 PM PHT

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