By Katherine K. Chan, Reporter
MONEY SENT HOME by Filipinos abroad jumped to a record high of $35.634 billion in 2025, with the weak peso boosting gains from dollar conversion, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.
BSP data showed total money remittances rose by 3.3% yr on yr to $35.634 billion in 2025 from $34.493 billion in 2024.
The expansion in money remittances last yr was well above the three% growth projection of the BSP for 2025.
In December alone, money remittances increased by 4.2% to $3.522 billion from $3.38 billion in the identical month in 2024, as overseas Filipino employees (OFWs) sent more cash home for the vacation season.
This was the very best monthly level of OFW remittances recorded in history.
Month on month, money sent home by OFWs surged by 21.03% from $2.91 billion in November.
The majority or 39.7% of money remittances in 2025 got here from Filipinos in america, followed by Singapore (7.3%), Saudi Arabia (6.6%), Japan (5%), the UK (4.6%), the United Arab Emirates (4.6%), Canada (3.5%), Qatar (2.9%), Taiwan (2.8%) and Hong Kong (2.5%).
Full-year money remittances from land-based employees stood at $28.495 billion, rising by an annual 3.4% from $27.552 billion.
In December, land-based Filipino employees remained the most important senders with $2.831 billion, up 4.5% from $2.712 billion in the identical month in 2024.
By way of sources, inflows from the US made up the majority or 41.6% of the full land-based remittances. The remaining were from Saudi Arabia (8.2%), Singapore (6.5%), the United Arab Emirates (5.7%) and Japan (4.5%).
However, remittances from sea-based OFWs rose by 2.9% to $7.139 billion in 2025 from $6.941 billion in 2024, driven by a 3.3% annual increase in December remittances to $691.037 million in December.
The US was still the highest source of sea-based remittances with 32.2% of the full, followed by Singapore (10.3%), Japan (7.1%), the UK (5.4%) and Germany (5.4%).
WEAK PESO
Meanwhile, personal remittances, which include inflows in kind, climbed by 3.3% to a brand new high of $39.619 billion in 2025 from $38.341 billion in 2024.
In December, personal remittances went up by 4.2% to $3.892 billion from $3.733 billion in the identical month in 2024.
BSP data showed that these were also the very best personal remittance levels on record.
“The record-high remittances in December and for full-year 2025 were driven by regular overseas employment, particularly in healthcare, maritime, and skilled services, alongside seasonal yr‑end transfers for household spending, tuition, and debt payments,” Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said in a Viber message.
He also attributed the remittance growth to the peso’s weak performance within the latter a part of last yr.
“As well as, the weaker peso for much of 2025 likely encouraged higher dollar conversions, boosting peso-equivalent inflows and supporting headline growth,” Mr. Asuncion added.
Late last yr, the peso touched the P58- to P59-per-dollar level several times. It averaged P58.8488 against the greenback in December, based on BSP data.
The peso ended 2025 weak after closing at P58.79 against the greenback on Dec. 29, down by 94.5 centavos or 1.61% from its P57.845-per-dollar finish on Dec. 27, 2024.
Meanwhile, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said the remittances surge in December signaled resilience of OFWs amid global uncertainties.
“This matters for growth: remittances likely added around half a percentage point to GDP (gross domestic product) by supporting consumption, housing, and services,” he said in a Viber message.
In keeping with the central bank, money remittances accounted for 7.3% of the Philippine GDP and 6.4% of the gross national income in 2025.
Mr. Asuncion said remittances are expected to stay resilient this yr, driven by sustained labor demand abroad, regular deployment rates and OFWs’ modest income gains.
“Nevertheless, upside could also be tempered by slower global growth and normalization of post-pandemic labor demand, keeping remittances more of a stable income anchor somewhat than a powerful cyclical growth driver this yr,” he added.
Meanwhile, Mr. Ravelas noted that the US’ 1% remittance tax on money payments, money orders and cashier’s checks for US-based senders could dampen inflows.
“The essential risk ahead is the proposed US remittance tax — it won’t derail flows overnight, but higher costs could slow formal transfers and weigh on momentum over time,” he said.
A 1% tax means OFWs within the US at the moment are being charged a dollar for each $100 they send to the Philippines.
“Bottom line: remittances remain a powerful tailwind, but we are able to’t take them without any consideration,” Mr. Ravelas said.
For this yr, the central bank expects money remittances to grow 3% yr on yr to $36.6 billion.