OFW remittances fall to a 6-month low in November

Remittances from overseas Filipino workers (OFWs) fell to a six-month low in November 2025, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

In a Thursday report, the BSP said cash remittances totaled $2.91 billion in November 2025, down by about $210 million from October. While this figure was higher than $2.8 billion recorded in November 2024, it marked the lowest monthly level since May 2025, when remittances stood at $2.66 billion.

The BSP said land-based workers remitted $2.30 billion, while sea-based workers sent $0.61 billion during the month.

On a cumulative basis, however, cash remittances continued to grow. The BSP reported a 3.2 percent increase, rising from $31.11 billion in January–November 2024 to $32.11 billion in the same period in 2025.

US top source of remittances

The United States remained the top source of remittances during the first 11 months of 2025, followed by Singapore and Saudi Arabia. 

Personal remittances — which include cash sent through banks and informal channels as well as remittances in kind — amounted to $3.23 billion in November.

Year-to-date personal remittances rose by 3.2 percent, increasing from $34.61 billion in January–November 2024 to $35.73 billion in the same period this year.

November decline offset by December surge

Economists expect the November decline to be partly offset by a seasonal surge in December, as the Christmas period typically brings higher remittance inflows. 

BSP data show that holiday-related remittances rose by about $572 million in 2024 and $561 million in 2023, as OFWs sent more funds home for Christmas and year-end expenses.

OFW remittances remain a vital pillar of the Philippine economy, accounting for roughly 8.3 to 8.9 percent of GDP in recent years. 

In 2024, remittances reached $38.34 billion, equivalent to 8.3 percent of GDP, underscoring their crucial role in supporting domestic consumption and overall economic growth.