Cash remittances from overseas Filipino workers (OFWs) reached USD2.91 billion in November 2025, up 3.6 percent from USD2.81 billion in November 2024, according to the Bangko Sentral ng Pilipinas (BSP).
The figure was lower than the USD3.17 billion recorded in October 2025, BSP data released Thursday, January 15, showed.
Year-to-date cash remittances totaled USD32.11 billion, a 3.2 percent increase from USD31.11 billion in the same period in 2024.
Including in-kind remittances and funds sent through informal channels, total remittances reached USD3.23 billion in November, bringing the end-November 2025 level to USD35.73 billion.
In a report, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the month-on-month decline to weather-related disruptions that reduced the number of business days for remittance transactions.
He also cited political issues that weakened the peso against the U.S. dollar, prompting some OFWs to delay converting remittances to pesos until December for holiday-related spending.
Despite this, Ricafort said remittances remain a bright spot for the economy, as they are a major driver of domestic consumption.
Domestic consumption accounts for about 73 percent of gross domestic product (GDP), and sustained remittance growth could support faster economic expansion in the fourth quarter.
Ricafort added that remittances typically peak in December due to holiday spending.
“OFW remittances growth could sustain at the +3 percent growth levels in the coming months, unless weighed by more protectionist policies by the Trump Administration on immigration that could potentially reduce OFW remittances from the US,” Ricafort said. (PNA)
