Manila: Money sent home by overseas Filipinos (OFs) continued to increase in May this year, data released by the Bangko Sentral ng Pilipinas (BSP) showed. Data released Tuesday indicated that cash remittances rose by 2.9 percent to USD2.66 billion in May, compared to USD2.58 billion in May 2024.

According to Philippines News Agency, of the total amount, remittances from land-based overseas Filipinos made up approximately USD2.12 billion, while sea-based OFs contributed USD536 million. The BSP noted, "The increase in cash remittances drove an increase in personal remittances as well."

Personal remittances, which include cash transmitted through banks, informal channels, and remittances in kind, increased by 3 percent to USD2.97 billion from USD2.88 billion in May last year. During the first five months of the year, cash remittances saw a 3 percent rise, reaching USD13.77 billion from USD13.37 billion in the same period in 2024.

The primary sources of these remittances were the United States, Singapore, Saudi Arabia, Japan, and the United Kingdom. Cumulative personal remittances also increased by 3 percent to USD15.34 billion from last year's USD14.89 billion.