Manila: Cash remittances from overseas Filipino workers (OFWs) reached USD2.91 billion in November 2025, marking a 3.6 percent increase from USD2.81 billion in November 2024, according to Bangko Sentral ng Pilipinas (BSP).
According to Philippines News Agency, the figure was lower than the USD3.17 billion recorded in October 2025, as reflected in BSP data released on Thursday. Year-to-date cash remittances totaled USD32.11 billion, which represents a 3.2 percent rise from USD31.11 billion during 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.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the month-on-month decline in remittances to weather-related disruptions that reduced business days for remittance transactions. He further pointed to political issues that weakened the peso against the U.S. dollar, causing some OFWs to delay converting remittances to pesos until December for holiday-related spending. Despite these factors, Ricafort noted that remittances remain a significant driver of the economy due to their contribution to domestic consumption, which accounts for approximately 73 percent of the gross domestic product (GDP). Sustained remittance growth could potentially support faster economic expansion in the fourth quarter.
Ricafort also mentioned that remittances typically peak in December due to holiday spending. He suggested that OFW remittances growth could maintain at the +3 percent growth levels in the upcoming months unless impacted by protectionist policies from the Trump Administration on immigration, which could potentially reduce OFW remittances from the US.
