Cash remittances from overseas Filipino workers rose 3% in October to $3.17 billion from $3.08 billion a year earlier, the Bangko Sentral ng Pilipinas reported Monday.
The central bank said year-to-date cash remittances through October reached $29.2 billion, up 3.2% from $28.3 billion in the same period last year.
Personal remittances, which include cash sent through banks and informal channels as well as in-kind transfers, totaled $3.52 billion in October and $32.5 billion for the first 10 months of 2025.
The United States accounted for about 40% of cash remittances, followed by Singapore, Saudi Arabia, Japan, the United Kingdom and the United Arab Emirates. The central bank noted that funds routed through correspondent banks, many of which are in the U.S., can inflate figures attributed to that country.
Rizal Commercial Banking Corp. chief economist Michael Ricafort described sustained remittance growth as a bright spot for the Philippine economy, supporting consumer spending that drives roughly 73% of gross domestic product.
He said a weaker peso has increased the value of dollar-denominated remittances in local currency terms, encouraging overseas workers to send more money home.
Looking ahead, Ricafort said potential U.S. Federal Reserve rate cuts could bolster global economic activity, though protectionist policies under the Trump administration might harm trade, investment and employment worldwide.
He also flagged a new 1% U.S. excise tax on certain outbound remittances, effective Jan. 1, 2026, as a potential drag on flows from the United States and on the broader Philippine economy.
