The Bangko Sentral ng Pilipinas (BSP) is doubling down on innovation and trust in the financial system as remittances from overseas Filipinos continue to rise, underscoring the growing importance of digital channels in the country’s financial ecosystem.
At the BSP’s annual reception for the banking community held on January 23 at the Philippine International Convention Center (PICC), BSP Governor Eli M. Remolona Jr. called on banks to pursue the event’s theme as guiding principles for sustainable growth and financial stability.
In his speech, the BSP Governor highlighted “Innovation, Inclusion, Integrity,” emphasizing that these themes are vital not only to economic growth but also to financial stability. He also called for continued collaboration to strengthen trust in the financial system.
“Innovation, inclusion, and integrity are not just drivers of economic growth, but are also foundations of financial stability,” Remolona said.
Remittances hit US$2.9B, boosting digital payments
BSP Governor Eli M. Remolona, Jr. (center) leads the ceremonial toast for the BSP’s annual reception for the banking community at the PICC. With the BSP governor in the photo are Monetary Board Members (from left) Jose L. Querubin, Walter C. Wassmer, Frederick D. Go, Benjamin E. Diokno, Romeo L. Bernardo, and Rosalia V. De Leon.
Remolona’s remarks came as the central bank reported that cash remittances from overseas Filipinos reached US$2.91 billion in November 2025, reflecting the steady role of remittance flows in supporting household consumption and digital payment activity in the Philippines.
On a cumulative basis, cash remittances rose by 3.2 percent to US$32.11 billion from January to November 2025, up from US$31.11 billion in the same period a year earlier.
Personal remittances, which include both cash and in-kind transfers through formal and informal channels, climbed to US$3.23 billion in November, bringing the year-to-date total to US$35.73 billion, also up 3.2 percent year-on-year.
The United States remained the largest source of remittances during the January to November period, followed by Singapore and Saudi Arabia, highlighting the continued reliance of Filipino households on overseas income.
Digital remittances grow as BSP tightens safeguards
Industry analysts note that the growth in remittances is closely linked to the rise of digital finance tools, as more overseas Filipinos use mobile wallets, digital banks, and app-based remittance platforms to send money home faster and at lower cost.
These trends align with the BSP’s broader push for financial inclusion and digital transformation across the banking sector.
Remolona said the BSP will continue working with financial institutions to promote innovation while maintaining strong safeguards against fraud, cyber risks, and money laundering, particularly as transaction volumes increase through digital channels.
“With higher remittance flows and wider use of digital payments, maintaining system integrity is just as important as expanding access,” he said.
As banks and fintech firms expand their services for overseas Filipinos and their families, the BSP’s twin focus on innovation and stability is expected to shape how digital remittance and payment platforms evolve in the years ahead.
