Rush Ahead of Trump Tax Boosts Philippine Remittances to Record

The Philippines’ overseas cash remittances rose in December at the fastest pace in three years, boosted by Filipinos sending money home for the holidays and ahead of US President Donald Trump’s 1% tax that took effect at the start of this year.

Money sent from abroad increased 4.2%, exceeding economists’ expectations and posting its strongest growth since December 2022. That translates to record-high monthly cash remittances of $3.52 billion, as overseas Filipinos transferred money for Christmas and New Year.

Remittances rose because “the exchange rate was high during Christmas, and partly before the 1% tax took effect in the ...