{
  "id": 1519042,
  "title": "Remittances hit year-high in June",
  "url": "https://urgent.news/2026/08/17/remittances-hit-year-high-in-june",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-17T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/08/18/2549943/remittances-hit-year-high-june"
  },
  "original_language": "en",
  "account": "Manila, Philippines — June saw remittances from overseas Filipino workers (OFWs) reach a record $3.39 billion, the highest monthly figure since December of the previous year, according to data from the Bangko Sentral ng Pilipinas (BSP). Personal remittances, encompassing both cash and in-kind transfers, increased by 1.8 percent to $3.39 billion in June, marking the highest level since December 2025. Cash remittances, transferred through banks, grew by 1.7 percent to $3.04 billion from $2.99 billion a year prior, also the highest since December 2025. Despite this surge, the annual growth rate was the slowest since February 2022, at 1.7 percent, compared to 1.3 percent in February 2022. Personal remittances climbed by 2.4 percent to $19.12 billion in the first half of the year, with cash remittances growing by the same rate to $17.15 billion. The BSP emphasized that these inflows continue to bolster household spending and overall economic activity. Robert Dan Roces, an economist at SM Investments Corp., noted that remittances consistently support household consumption despite a modest growth rate. \"Remittances remain a steady source of support for household consumption,\" Roces remarked, adding that even with the modest growth, these funds aid OFW families in meeting essential needs such as food, housing, and retail spending. Ruben Carlo Asuncion, chief economist at UnionBank, suggested that the slower cash remittance growth could be attributed to uncertainties due to the Middle East conflict, which has affected labor deployment and employment prospects for some OFWs. Asuncion also pointed out that higher living costs in host economies may have constrained the funds available for transfer. Despite these challenges, he believes that the continued expansion of remittances, even with a relatively high absolute level, indicates that OFWs remain employed and play a crucial role in supporting household consumption and the broader economy. The United States was the largest source of cash remittances, constituting 39.4 percent of the total, followed by Singapore at 7.2 percent, Saudi Arabia at 6.3 percent, Japan at 5.1 percent, and the United Kingdom at 4.6 percent. Remittances are vital for the Philippines, accounting for 8 percent of the country's GDP and 7.1 percent of cash remittances as of the second quarter.",
  "summary": "Remittances from overseas Filipino workers rose to $3.39 billion in June, the highest monthly level since December last year, as money sent home continued to support household spending despite a moderation in the growth of cash transfers.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}