Cash remittances sent home by overseas Filipino workers rose 3.6% in November from a year earlier but fell from the previous month, central bank data showed Thursday.
The Bangko Sentral ng Pilipinas reported that cash remittances reached $2.91 billion in November 2025, compared with $2.81 billion in November 2024. The amount was down from $3.17 billion recorded in October 2025.
For the first 11 months of 2025, cash remittances totaled $32.11 billion, up 3.2% from $31.11 billion in the same period of 2024.
When including in-kind remittances and funds sent through informal channels, total remittances amounted to $3.23 billion in November, bringing the cumulative figure through November 2025 to $35.73 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the month-on-month decline to weather-related disruptions that reduced the number of business days available for remittance transactions. He also pointed to political developments that weakened the Philippine peso against the U.S. dollar, leading some overseas workers to postpone converting their earnings until December to take advantage of expected holiday spending.
Despite the monthly dip, Ricafort described remittances as a bright spot for the Philippine economy, noting that they are a key driver of domestic consumption, which accounts for about 73% of gross domestic product. Sustained remittance growth could help support stronger economic expansion in the fourth quarter, he said.
Remittances typically peak in December because of holiday-related spending, Ricafort added.
“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,” he said.
