Overseas Chinese rushed to send money home before Trump's new tax takes effect, with December remittances to the Philippines hitting a record high

Overseas cash remittances to the Philippines grew at the fastest pace in three years in December, primarily driven by holiday factors and some Filipinos sending money ahead of the 1% cross-border remittance tax introduced by U.S. President Trump, which takes effect early this year. The amount of remittances from abroad increased by 4.2%, exceeding economists' expectations and marking the largest growth rate since December 2022. Accordingly, as overseas Filipinos transfer money back home for Christmas and New Year, the cash remittance volume for December reached a record high of $3.52 billion