Remittances hit seven-month high in July 2026

Remittances from overseas Filipinos climbed to a seven-month high in July 2026, data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday showed.

Cash remittances, or money transfers coursed through banks, stood at $3.240 billion in July, up from $3.039 billion in June and $3.179 billion recorded in the same month last year. This is the highest since December 2025’s $3.522 billion.

Year-to-date cash remittances came in at $20.389 billion, up from $19.932 billion in the comparable period last year.

The United States remained the biggest source of cash remittances during the seven-month period, accounting for 39.7%, followed by Singapore at 7.1%, Saudi Arabia at 6.3%, Japan at 5.0%, and the United Kingdom at 4.7%.

Land-based workers accounted for the bulk of the inflows with 80.2%, while sea-based workers accounted for the remaining 19.8%.

The BSP noted, however, that remittances coursed through money couriers cannot be disaggregated by actual country source. Instead, they are recorded under the country where the courier’s main office is located—often the United States.

Personal remittances — the sum of transfers sent in cash or in kind, including those coursed through informal channels — totaled $3.603 billion, up from $3.388 billion in June and $3.533 billion the same month last year, and the highest since the $3.892 billion in December 2025.

“Seasonally adjusted personal remittances, which include cash sent through banks and informal channels as well as remittances in kind, likewise increased in July, indicating stronger underlying remittance dynamics after accounting for recurring seasonal patterns,” the BSP said in an accompanying statement.

“These inflows provided continued support to household consumption and domestic economic activity, underscoring the resilience of remittance flows as an important source of external financing and household income,” the central bank said. —AOL, GMA News