By the staff
Money sent home by overseas Filipino workers (OFWs) rose 3% year on year to $3.2 billion in October 2025, up from $3.1 billion a year earlier, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP).
Cumulative cash remittances for the first 10 months of the year reached $29.2 billion, an increase of 3.2% from $28.3 billion in the same period in 2024, the BSP said.
The United States remained the largest source of remittance inflows, accounting for 40.3% of the total, followed by Singapore (7.2%), Saudi Arabia (6.4%), Japan (4.9%), the United Kingdom (4.7%), and the United Arab Emirates (4.5%).
Including in-kind remittances, total inflows amounted to $3.52 billion in October, bringing the year-to-date level to $32.5 billion as of end-October.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said sustained growth in remittances continues to support the domestic economy, particularly household consumption, which accounts for about 73% of gross domestic product.
He noted that the peso’s recent weakness has increased the local currency value of dollar-denominated remittances, boosting the purchasing power of recipient households and encouraging inflows.
Ricafort said potential U.S. Federal Reserve rate cuts could help support U.S. and global economic activity, although these may also lead to a weaker U.S. dollar against major currencies.
He cautioned, however, that protectionist policies under the Trump administration could weigh on global growth, trade, investment and employment, with possible spillover effects on overseas Filipino workers.
Ricafort also flagged risks from a proposed 1% tax on OFW remittances from the United States, warning that such a measure “could also be a drag on remittance growth and on the broader domestic economy.”
