Personal remittances from overseas Filipinos grew by 2.7 percent to $3.42 billion in October from the $3.33 billion recorded in the same period last year, the Bangko Sentral ng Pilipinas (BSP) reported Monday.

The BSP said this brought the total remittances in the first 10 months this year to $31.49 billion, up three percent from the $30.57 billion recorded in the same period a year ago.

Land-based workers grew remittances in October by 3.2 percent to $2.48 billion, while those based at sea sent $600 million, up by 0.6 percent year-on-year.

Of the total remittances during the month, cash remittances sent through banks reached $3.08 billion, higher by 2.7 percent than the $3 billion posted in the same month last year.

As a result, cash remittances in the first 10 months stood at $28.3 billion, higher than the $27.49 billion seen in the previous year.

The bulk of remittances came from the United States with 41.2 percent, Singapore with 7.1 percent, and Saudi Arabia with 6.2 percent.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said remittances from overseas Filipinos could still grow by year-end as families back home await funds for the Christmas celebration.

“Overseas Filipinos’ remittances are still growing on a monthly basis in view of the expected seasonal surge in remittances and conversion to pesos during the Christmas season in December, the biggest spending by households in a typical year,” he said.

Ricafort said overseas Filipinos will be taking advantage of the still stronger US dollar against the peso.

“The continued growth in remittances could be attributed to higher local prices, though offset by the still relatively higher dollar-peso exchange rate from the 59 level to the 58 level,” he said.

Last 26 November, the peso reached a record high of P59 per US dollar this year based on data from the Bankers Association of the Philippines. Meanwhile, inflation rose to 2.3 percent in October and 2.5 percent in November from 1.9 in September, according to the Philippine Statistics Authority.

Economists said the strong US dollar signaled the optimism of American firms following the victory of President-elect Donald Trump who promised to lower corporate income taxes to boost domestic production.

“Possible protectionist policies by Trump, who will enter office on 20 January 2025, could tighten immigration rules in the US in an effort to create and protect more jobs for US citizens. This could potentially slow down remittances from the US,” Ricafort said.