Money sent home by overseas Filipinos (OFs) climbed 3.7 percent to $3.12 billion in September 2025, supported by higher foreign exchange rates that encouraged workers to remit more funds.
The figure, recorded by the Bangko Sentral ng Pilipinas (BSP), was higher than the $3.01 billion reported in September last year. The increase was driven by inflows from both land-based and sea-based OFs.
Cash remittances from land-based OFs accounted for the bulk of the amount at $2.49 billion, while sea-based OFs accounted for the remaining $631.43 million.
Both segments grew 3.74 percent year-on-year from $2.40 billion and $608.69 million, respectively. Most of these remittances came from the United States, followed by Singapore and Saudi Arabia, the BSP noted.
The cumulative nine-month cash remittances reached $26.03 billion as of end-September, up by 3.2 percent from $25.23 billion in the same period last year.
Personal remittances, which include cash sent through banks and informal channels as well as in-kind remittances, also increased by 3.8 percent to $3.46 billion in September.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributed the increase to the relatively higher dollar-to-peso exchange rate.
He said this made it “more compelling” for Filipinos abroad and their families to engage in more foreign exchange transactions to finance their household expenses.
Ricafort also suggested that better weather conditions in September led to more business days for transacting cash remittances compared to previous months.
He expects OFW remittances to “seasonally increase, if not peak, towards the December Christmas holiday-related spending.”
This, he said, “could fundamentally provide some support to the peso, just like in the latter part of December 2024.”
The total remittances in September, which Ricafort noted were “among record highs,” are also expected to help support consumer spending and the overall economic growth of the Philippines.
