Remittances in Philippines increased to 3178668 USD Thousand in July from 2987425 USD Thousand in June of 2025. This dataset provides - Philippines Remittances - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The personal remittances received in the Philippines increased by *** billion U.S. dollars (+* percent) since the previous year. While the growth is steady, with **** billion U.S. dollars, the personal remittances received are at their peak in the observed period. Personal remittances comprise personal transfers and compensation of employees. Personal transfers include all current transfers between resident and nonresident individuals, while the compensation of employees refers to the income of employees who are employed in an economy where they are not resident, as well as of resident employees employed by nonresident entities.

The Philippines Remittances Market Report is Segmented by Remittance Type (Inward, and Outward), Channel (Bank Transfers, Money Transfer Operators (MTOs), Digital Wallet and Mobile Payment Platforms, and Other Channels), End-User (Personal, and Businesses), and Mode of Transfer (Online, and Offline). The Market Forecasts are Provided in Terms of Value (USD).

The Philippines: Remittances as percent of GDP: The latest value from 2023 is 8.94 percent, a decline from 9.41 percent in 2022. In comparison, the world average is 5.13 percent, based on data from 174 countries. Historically, the average for the Philippines from 1977 to 2023 is 7 percent. The minimum value, 1.52 percent, was reached in 1977 while the maximum of 12.78 percent was recorded in 2005.

Remittance inflows to GDP (%) in Philippines was reported at 9.6428 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Philippines - Remittance inflows to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on October of 2025.

Preliminary figures for 2024 revealed that Filipinos working in the United Arab Emirates (UAE) sent around **** billion U.S. dollars in cash remittances to the Philippines. As of 2016, Filipinos that sought employment across the globe amounted to about *** million people.

Personal remittances, received (% of GDP) in Philippines was reported at 8.7257 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Philippines - Workers' remittances and compensation of employees, received (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on October of 2025.

Account used to receive remittances (% age 15+) in Philippines was reported at 15.17 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. Philippines - Account used to receive remittances (% age 15+) - actual values, historical data, forecasts and projections were sourced from the World Bank on September of 2025.

Preliminary figures for 2024 revealed that Filipinos working in Saudi Arabia sent approximately **** billion U.S. dollars in cash remittances to the Philippines, reflecting an increase from the previous year. The amount of cash remittances sent from Saudi Arabia fluctuated since 2014.

The Philippines: Remittances, million USD: The latest value from 2024 is 40279.4 million U.S. dollars, an increase from 39096.89 million U.S. dollars in 2023. In comparison, the world average is 7117.81 million U.S. dollars, based on data from 104 countries. Historically, the average for the Philippines from 1977 to 2024 is 13743.1 million U.S. dollars. The minimum value, 339 million U.S. dollars, was reached in 1977 while the maximum of 40279.4 million U.S. dollars was recorded in 2024.

Personal transfers, receipts (BoP, current US$) in Philippines was reported at 30805836219 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Philippines - Workers' remittances, receipts (BoP, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on October of 2025.

Philippines CES: HH: Use of OFW Remittances: Savings data was reported at 35.500 % in Dec 2018. This records an increase from the previous number of 32.700 % for Sep 2018. Philippines CES: HH: Use of OFW Remittances: Savings data is updated quarterly, averaging 39.650 % from Mar 2007 (Median) to Dec 2018, with 48 observations. The data reached an all-time high of 50.400 % in Mar 2010 and a record low of 7.200 % in Mar 2007. Philippines CES: HH: Use of OFW Remittances: Savings data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.H010: Consumer Expectation Survey: Households with Overseas Filipino Workers: Use of Remittances.

Preliminary figures for 2024 revealed that Filipinos working in the United States sent around ***** billion U.S. dollars in cash remittances to the Philippines in 2024. The cash remittances from OFWs in the U.S. gradually increased since 2014.

Personal remittances, paid (current US$) in Philippines was reported at 268879630 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Philippines - Workers' remittances and compensation of employees, paid - actual values, historical data, forecasts and projections were sourced from the World Bank on October of 2025.

Philippines CES: HH: Use of OFW Remittances: Investment data was reported at 5.100 % in Dec 2018. This records an increase from the previous number of 4.200 % for Sep 2018. Philippines CES: HH: Use of OFW Remittances: Investment data is updated quarterly, averaging 5.900 % from Mar 2007 (Median) to Dec 2018, with 48 observations. The data reached an all-time high of 11.200 % in Dec 2013 and a record low of 1.800 % in Mar 2008. Philippines CES: HH: Use of OFW Remittances: Investment data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.H010: Consumer Expectation Survey: Households with Overseas Filipino Workers: Use of Remittances.

The report covers Philippines Bill Payments Expenditure, Philippines Bill Payments Market, Third Party Bill Payment Industry Philippines, Philippines Domestic Remittance Volume, Philippines International Money Transfer Martket.

Philippines PH: BOP: Current Account: Personal Remittances: Received data was reported at 32.810 USD bn in 2017. This records an increase from the previous number of 31.142 USD bn for 2016. Philippines PH: BOP: Current Account: Personal Remittances: Received data is updated yearly, averaging 5.360 USD bn from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 32.810 USD bn in 2017 and a record low of 339.000 USD mn in 1977. Philippines PH: BOP: Current Account: Personal Remittances: Received data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank: Balance of Payments: Current Account. Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees. Data are in current U.S. dollars.; ; World Bank staff estimates based on IMF balance of payments data.; Sum; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Remittance Market Outlook

The global remittance market size was valued at USD 701.93 billion in 2023 and is projected to reach USD 1.08 trillion by 2032, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2032. The growth of this market is driven by increasing migration trends, technological advancements, and rising demand for convenient and cost-effective money transfer services. The expansion of digital platforms and mobile wallets has significantly contributed to the ease and speed of cross-border money transfers, providing a robust foundation for market growth.

A significant growth factor contributing to the expansion of the remittance market is the increasing global migration rates. Economic disparities and the pursuit of better employment opportunities have led to a rise in the number of people moving to different countries. These migrants often send money back to their home countries to support their families, driving the demand for remittance services. Additionally, humanitarian reasons and international aid are playing essential roles in boosting remittance flows to regions in need.

Technological advancements have been another critical driver of growth in the remittance market. The advent of digital payment platforms and fintech innovations has revolutionized the way money is transferred across borders. These technological solutions offer faster, cheaper, and more secure transaction methods compared to traditional banking systems. Fintech companies are leveraging blockchain technology to enhance transparency and reduce transfer time, further propelling market growth. The increased penetration of smartphones and internet connectivity also aids in the widespread adoption of digital remittance services.

The rising demand for convenient and cost-effective money transfer services has prompted both traditional and non-traditional financial institutions to enhance their offerings. Money Transfer Operators (MTOs), banks, and online platforms are continuously improving their services to cater to the evolving needs of customers. Competitive pricing, reduced transfer fees, and additional services such as currency exchange and bill payments are attracting more users to formal remittance channels. This trend is particularly evident in developing economies where access to financial services was previously limited.

From a regional perspective, Asia Pacific holds the largest share in the global remittance market, driven by high migration rates and substantial volumes of inward remittances, particularly in countries like India, China, and the Philippines. North America and Europe also represent significant markets due to their large immigrant populations and established financial infrastructures. Latin America and the Middle East & Africa are emerging regions with growing remittance flows, fueled by economic growth and increasing outbound migration.

Type Analysis

The remittance market can be segmented into inward remittance and outward remittance. Inward remittance refers to money sent by expatriates to their home country, while outward remittance involves funds sent from a home country to other countries. Inward remittances constitute a major portion of the market due to the high number of migrant workers sending money back to support their families. This segment is particularly crucial for developing economies where remittances play a significant role in boosting household incomes and economic growth.

Outward remittance, although smaller in comparison to inward remittance, is also growing steadily. This segment is driven by factors such as international tuition fees, payments for overseas purchases, and investments in foreign properties. The increasing number of people traveling abroad for education and business purposes has led to a rise in outward remittance transactions. Additionally, with globalization and international trade on the rise, businesses are also contributing to outward remittance flows.

The inward remittance segment is expected to continue its dominance over the forecast period, supported by the growing migrant population and the necessity to support families back home. Government policies in various countries that encourage the inflow of remittances, such as reduced transaction fees and favorable exchange rates, are also bolstering this segment. Furthermore, international organizations and financial institutions are working towards making inward remittance processes more efficient, secure, and cost-effective.

The outward remittance segment, while s

Philippines CES: HH: Use of OFW Remittances: Others data was reported at 3.500 % in Sep 2018. This records a decrease from the previous number of 4.900 % for Jun 2018. Philippines CES: HH: Use of OFW Remittances: Others data is updated quarterly, averaging 3.100 % from Mar 2007 (Median) to Sep 2018, with 47 observations. The data reached an all-time high of 8.400 % in Sep 2008 and a record low of 0.000 % in Jun 2014. Philippines CES: HH: Use of OFW Remittances: Others data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.H010: Consumer Expectation Survey: Households with Overseas Filipino Workers: Use of Remittances.

Philippines PH: Average Transaction Cost of Sending Remittances to a Specific Country data was reported at 5.463 % in 2017. This records a decrease from the previous number of 5.727 % for 2016. Philippines PH: Average Transaction Cost of Sending Remittances to a Specific Country data is updated yearly, averaging 6.158 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 7.040 % in 2013 and a record low of 5.463 % in 2017. Philippines PH: Average Transaction Cost of Sending Remittances to a Specific Country data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Payment System. Average transaction cost of sending remittance to a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database to a specific country.; ; World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org; Unweighted average;