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

The BSP said cash remittances reached $2.91 billion in November, down by about $210 million from October. While higher than the $2.8 billion recorded in November 2024, the figure marked the lowest monthly level since May 2025, when remittances totaled $2.66 billion.

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

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

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 climbed 3.2 percent to $35.73 billion from $34.61 billion in January to November 2024.

Economists expect the November slowdown to be partly offset by a seasonal surge in December, as the Christmas period typically boosts remittance inflows. BSP data showed holiday-related remittances increased by about $572 million in 2024 and $561 million in 2023, as OFWs sent more funds home for year-end expenses.

OFW remittances remain a key pillar of the Philippine economy, accounting for about 8.3 to 8.9 percent of gross domestic product in recent years. In 2024, remittances reached $38.34 billion, equivalent to 8.3 percent of GDP, underscoring their role in supporting domestic consumption and economic growth.