Manila: Money sent home by overseas Filipinos recorded a seven-month high, reaching USD3.24 billion in July, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the BSP on Tuesday showed that the amount was higher by 1.9 percent from the USD3.18 billion in July last year. It was also the highest recorded since the USD3.52 billion in December 2025.

According to Philippines News Agency, remittances continue to demonstrate resilience and remain a critical buffer for the Philippine economy, as noted by Reyes Tacandong and Co. senior adviser Jonathan Ravelas. For January to July, cash remittances went up by 2.3 percent to USD20.38 billion. The United States remained the top source of inflows, followed by Singapore and Saudi Arabia.

Personal remittances, which cover cash sent through banks and informal channels, as well as remittances in kind, also rose by 2.3 percent to USD22.73 billion from last year's USD22.21 billion. The BSP said these inflows continued to support household consumption and domestic economic activity, underscoring the resilience of remittance flows as an important source of external financing and household income.