In mid-February 2026, the Bangko Sentral ng Pilipinas (BSP) reported that cash remittances from overseas Filipinos reached a record US $35.63 billion in 2025 — up 3.3 percent from 2024's $34.49 billion. Including informal channels and transfers in kind, personal remittances hit US $39.62 billion, also an all-time high.
The year ended on its strongest note: December 2025 cash remittances came in at $3.52 billion, an all-time monthly high and 4.2 percent above December 2024 — the fastest monthly growth in three years, driven by seasonal bonuses and holiday spending. Land-based workers accounted for 80.4 percent of December flows and sea-based workers 19.6 percent, reflecting the Philippines' unique position as the world's leading supplier of maritime labor.
Remittances equaled 7.3 percent of Philippine GDP and 6.4 percent of gross national income in 2025 — an economic pillar that kept household consumption growing even as overall GDP growth slowed to 4.4 percent. The BSP projects flows to rise further to $36.6 billion in 2026, while flagging the new U.S. remittance transfer tax as a downside risk.
$35.63B — Record cash remittances to the Philippines in 2025, up 3.3% year-on-year (BSP, reported February 2026) (Bangko Sentral ng Pilipinas, February 2026)
The United States remained the largest source, accounting for 39.7 percent of 2025 cash remittances, followed by Singapore (7.3 percent) and Saudi Arabia (6.6 percent). The BSP cautions that the U.S. share is somewhat inflated by the common practice of international banks routing funds through American correspondent banks — meaning some 'U.S.' remittances actually originate elsewhere.
The contrast with Mexico is stark. In the same month the BSP reported the Philippine record, Banxico reported Mexico's first annual decline since 2009 — down 4.6 percent. Both corridors depend heavily on U.S.-based workers, but the OFW workforce is spread across dozens of host countries (the Gulf, Singapore, Japan, the UK, and global shipping fleets), providing diversification the Mexican corridor lacks.
The Philippines is also one of the most digitally mature receive markets. GCash and Maya wallets, near-universal bank access via InstaPay, and one of the world's most active crypto exchange ecosystems (Coins.ph, PDAX) give recipients multiple instant delivery options — a key reason competition on the corridor is intense and costs keep falling.
The table below shows what RemitRoutes measures on the USD → PHP corridor as of July 2026 — the all-in cost of sending $1,000, combining fees and exchange-rate spread against the mid-market benchmark. These are current figures, not 2025 averages.
The corridor is among the most competitive we track: twelve providers actively quote it, and the top of the table currently prices at or better than the mid-market benchmark. The spread between best and worst on our latest measurement was over ₱4,100 on a $1,000 transfer — roughly $67 of value.
| Provider | Type | All-in cost on $1,000 | Recipient gets (PHP) |
|---|---|---|---|
| Xoom | Traditional | -$19.39 (beats mid-market) | ₱62,741 |
| WorldRemit | Traditional | -$0.41 (at mid-market) | ₱61,573 |
| Binance P2P | Crypto rail | +$1.35 (0.14%) | ₱61,464 |
| Coins.ph | Crypto rail | +$2.25 (0.23%) | ₱61,409 |
| MoneyGram | Traditional | +$4.77 (0.48%) | ₱61,254 |
| Wise | Traditional | +$14.19 (1.42%) | ₱60,674 |
| PayPal | Traditional | +$47.74 (4.77%) | ₱58,609 |
Negative all-in cost means the provider's quoted rate delivered more pesos than a mid-market conversion at measurement time — often a promotional or aggressively priced quote. Figures are RemitRoutes' measured data as of July 2026 and change continuously. Crypto rails via Coins.ph route through USDC or USDT and settle to GCash or bank accounts.
A record year for flows does not mean costs are solved. On our current measurements, the gap between the best and worst mainstream providers on USD → PHP exceeds ₱4,100 per $1,000 — for a worker sending monthly, choosing well is worth roughly ₱49,000 (about $800) a year.
The BSP's own risk flag deserves attention: the U.S. 1% excise tax on cash-funded remittances took effect January 1, 2026. OFW families receiving from U.S.-based relatives who fund transfers in cash now face an extra $10 per $1,000 — avoidable entirely by switching to bank-account or card-funded digital transfers.
For recipients with GCash or a Coins.ph account, crypto rails remain consistently within a few tenths of a percent of mid-market in our data — a reliable benchmark to compare any traditional quote against before sending.
Compare live rates across 360+ corridors on RemitRoutes · methodology.