Remittances climb 3% to $3.2 billion in October

December 16, 2025 | 12:00am

Over $29 billion sent by overseas Pinoys since January

MANILA, Philippines — Cash remittances coursed through banks rose by three percent in October, but an economist warned that the protectionist policies and stricter immigration rules in the United States could impact the amount of money sent home by overseas Filipino workers.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances amounted to $3.17 billion in October from $3.08 billion in the same month last year.

This brought the total cash remittances from January to October to $29.2 billion, up by 3.2 percent from $28.3 billion in the same period in 2024.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said some remittances from overseas Filipino workers (OFW) could have gone to rebuilding activities in areas hit hard by typhoons and earthquakes around the country.

“The faster and continued single-digit year-on-year growth in OFW remittances nevertheless is still a good signal spot for the overall economy as an important growth driver, especially in terms of consumer spending, which accounts for about 73 percent of the Philippine economy,” Ricafort said.

Personal remittances, which include cash, grew by three percent to $3.52 billion in October from $3.42 billion in the same month last year.

From January to October, personal remittances increased by 3.2 percent to $32.84 billion from $31.83 billion in the same period last year.

Ricafort said that US President Donald Trump’s protectionist policies and stricter immigration rules could affect some OFW remittances, particularly those from the United States.

“Overall world economic or gross domestic product growth therefore could also indirectly slow down the growth in OFW remittances from other countries around the world,” Ricafort added.

He said the Trump administration might tighten US immigration rules to protect domestic jobs – a move that could slow remittances from overseas workers.

About 42 percent of land-based cash remittances and 32.3 percent of sea-based cash remittances came from the US.

The BSP pointed out a caveat where remittance centers in various cities abroad route funds through correspondent banks, most of which are in the US.

Ricafort noted that OFW remittances typically peak in the fourth quarter, especially the week before Christmas to fund holiday spending, a seasonal trend that has consistently supported the peso’s exchange rate over the years.

The BSP forecasts acash remittances to increase by three percent this year to $35.5 billion and expects them to rise further to $36.6 billion in 2026.