Manila: Money sent home by overseas Filipino workers (OFWs) rose 3 percent on an annual basis to USD3.2 billion in October 2025, against the year-ago's USD3.1 billion. Preliminary data released by the Bangko Sentral ng Pilipinas (BSP) Monday showed that the total cash remittances in the first 10 months this year reached USD29.2 billion, up 3.2 percent from USD28.3 billion in the same period last year.

According to Philippines News Agency, the bulk of the cash inflows came from the US, at 40.3 percent, followed by those from Singapore, 7.2 percent; Saudi Arabia, 7.2 percent; Saudi Arabia, 6.4 percent; Japan, 4.9 percent; United Kingdom, 4.7 percent; and the United Arab Emirates, 4.5 percent. Including in-kind remittances, the October 2025 figure reached USD3.52 billion, and the end-October level amounted to USD32.5 billion.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort, in a report, said the sustained growth of remittances from overseas Filipinos remains a bright spot for the domestic economy since it bolsters domestic spending, which accounts for around 73 percent of the country's gross domestic product (GDP). He said the recent weakness of the peso means a higher Philippine peso value, which made it more attractive for OFs to take advantage of, since it means higher purchasing capacity for their families.

Ricafort noted that for the coming months, possible lower US Federal Reserve rates would help support US and global economic activities but could lead to a weaker U.S. dollar against major global currencies. However, he also highlighted that the protectionist policies of the Trump administration could hurt US and global growth, potentially impacting global trade, investments, and employment. He further mentioned that the planned 1 percent tax on OFW remittances from the US could also be a drag on OFWs' remittances growth and on the overall local economy.