Cash remittances from overseas Filipino workers rose to $2.71 billion in May, up two percent from $2.66 billion in the same month last year, according to a report by Philstar Biz. The modest increase indicates continued inflows from abroad, though the growth rate remains subdued compared to previous years.
The May figure brings the cumulative remittances for the first five months of the year to an estimated $13.4 billion, sustaining the positive trajectory despite global economic headwinds. Remittances remain a crucial pillar of the Philippine economy, supporting domestic consumption and the peso.
Analysts attribute the steady but slow growth to stable employment conditions for overseas workers and continued demand for Philippine labor abroad. The Bangko Sentral ng Pilipinas expects remittances to grow by around three percent for the full year, consistent with the pace seen so far.