{"id":14071,"date":"2025-07-16T01:02:33","date_gmt":"2025-07-15T23:02:33","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=14071"},"modified":"2025-07-16T01:02:33","modified_gmt":"2025-07-15T23:02:33","slug":"may-sees-2-9-increase-in-cash-remittances","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/16\/may-sees-2-9-increase-in-cash-remittances\/","title":{"rendered":"May Sees 2.9% Increase in Cash Remittances"},"content":{"rendered":"

<\/p>\n

By Luisa Maria Jacinta C. <\/b>Jocson, <\/b><\/span>Senior Correspondent <\/i><\/p>\n

FUNDS SENT BACK home by overseas Filipino workers (OFWs) <\/span>increased by an annual 2.9% in May, even though the monthly total was the lowest in a year, according to data from the Bangko Sentral ng Pilipinas (BSP).<\/span><\/p>\n

Cash remittances processed through banks rose by 2.9% to $2.658 billion in May from $2.583 billion during the same month last year, <\/span>the central bank reported on Tuesday.<\/span><\/p>\n

This marked the lowest monthly remittance level in 12 months or since May 2024.<\/p>\n

<\/a><\/p>\n

Growth in remittances for May also decelerated from April\u2019s pace of 4%, when cash remittances hit $2.664 billion.<\/p>\n

Funds sent by land-based workers rose by 2.8% to $2.12 billion in May compared to $2.06 billion in the same month last year. <\/span><\/p>\n

Remittances from sea-based migrant workers surged by an annual 3.1% to $536 million in May.<\/span><\/p>\n

\u201cThe uptick in cash remittances contributed to a rise in personal <\/span>remittances too,\u201d stated the BSP.<\/span><\/p>\n

Personal remittances, which encompass in-kind inflows, increased by 3% to $2.97 billion in May from $2.88 billion in the same month last year.<\/p>\n

Breaking it down, remittances from workers under contracts of a year or more rose by 2.8% to $2.29 billion, while those with contracts shorter than a year increased by 3.4% to $590 million.<\/span><\/p>\n

FIVE-MONTH PERIOD
\n<\/b>During the initial five <\/span>months, cash remittances expanded by 3% to $13.77 billion from $13.37 billion in the same period last year.<\/p>\n

Remittances from land-based workers climbed by 3.3% to $10.94 billion from January to May, while sea-based workers\u2019 remittances rose by 2% to $2.82 billion.<\/p>\n

The United States was the leading source of remittances in the five-month span, contributing 40.2% of the overall total.<\/p>\n

It was followed by Singapore (7.4%), Saudi Arabia (6.4%), Japan (5%), the United Kingdom (4.6%), the United Arab Emirates (4.2%), Canada (3.3%), Qatar (2.9%), Korea (2.8%), and Taiwan (2.7%).<\/p>\n

Personal remittances rose by 3% to $15.34 billion at the end of May from $14.89 billion a year earlier.<\/p>\n

\u201cThe slowing global economy due to Trump\u2019s tariffs may have hindered recent OFW remittance volumes,\u201d noted Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.<\/p>\n

Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., also pointed out the heightened uncertainty arising from the tariffs.<\/p>\n

\u201cThe tariff actions contribute to geopolitical and trade uncertainty, which may discourage foreign direct investment (FDI),\u201d he remarked.<\/p>\n

US President Donald J. Trump initially announced the first wave of tariffs to be imposed on trading partners back in April.<\/p>\n

Earlier this month, Mr. Trump issued notifications with the updated tariff rates he intends to enforce.<\/span><\/p>\n

\u201cThe implementation of a 20% tariff on all Philippine exports to the US starting August 1, 2025, by President Trump is projected to have considerable and varied impacts on the Philippine economy,\u201d Mr. Ravelas added.<\/p>\n

The Philippines is set to face a 20% reciprocal tariff, which is higher than the previously announced 17% in April.<\/p>\n

\u201cIn the upcoming months, Mr. Trump\u2019s protectionist policies, especially tighter immigration regulations, could exert pressure on certain OFW remittances, <\/span>particularly from the US,\u201d stated Mr. Ricafort.<\/p>\n

Mr. Trump has promised mass deportations, citing the need for them following the high levels of illegal immigration during his predecessor’s term, according to Reuters.<\/span><\/p>\n

Mr. Trump\u2019s recently approved \u201cOne Big Beautiful Bill\u201d also imposes a 1% excise tax on remittance transactions from the United States to other nations, effective after December 31, 2025. This was reduced from earlier proposals of a 3.5% levy.<\/p>\n

Originally intended for non-US citizens, the tax now applies to all remittance senders.<\/p>\n

\u201cTrump\u2019s threats of increased tariffs and other America-first measures may also decelerate global trade, investments, and employment, including some OFW jobs, along with overall world economic growth, consequently possibly hampering the growth of OFW remittances,\u201d Mr. Ricafort remarked.<\/span><\/p>\n

This year, the central bank anticipates remittances to increase by 2.8%.<\/p>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Luisa Maria Jacinta C. Jocson, Senior Correspondent FUNDS SENT BACK home by overseas Filipino workers (OFWs) increased by an annual 2.9% in May, even though the monthly total was the lowest in a year, according to data from the Bangko Sentral ng Pilipinas (BSP). Cash remittances processed through banks rose by 2.9% to $2.658<\/p>\n","protected":false},"author":3,"featured_media":14072,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[3011],"class_list":["post-14071","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-and-markets","tag-return-a-list-of-comma-separated-tags-from-this-title-cash-remittances-up-2-9-in-may"],"yoast_head":"\nMay Sees 2.9% Increase in Cash Remittances - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/16\/may-sees-2-9-increase-in-cash-remittances\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"May Sees 2.9% Increase in Cash Remittances - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"By Luisa Maria Jacinta C. 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