Remittances from overseas Filipino workers (OFWs) hit a three-month high in October as families back home prepared for the holiday season, providing a seasonal boost to inflows.
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Data from the Bangko Sentral ng Pilipinas (BSP) showed personal remittances rising 2.7% year-on-year to $3.42 billion in October, the highest level since July’s $3.43 billion. However, the growth rate slowed to its weakest pace in four months, lagging June’s 2.5% uptick.
“The expansion was driven by increased remittances from both land-based and sea-based workers,” the BSP said.
Cash remittances, transmitted through banks, also grew 2.7% to $3.08 billion. While this marked the highest level since July’s $3.09 billion, it also represented the slowest growth since June.
From January to October, personal remittances totaled $31.49 billion, a 3% increase compared to $30.57 billion in the same period last year. Cash remittances grew at the same pace, reaching $28.3 billion from $27.49 billion year-on-year.
The surge in October remittances aligns with the approach of the Christmas season, a time when OFWs typically send more money to support festive celebrations and year-end spending.
“OFW remittances are higher in view of the expected seasonal surge and conversion to pesos during the Christmas and New Year holiday season, the biggest spending by consumers/households in a typical year,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.
Despite the rise in remittance volumes, the slower growth rate may be partly attributed to currency fluctuations. The Philippine peso traded between P56 and P58 per US dollar during the period, reducing the dollar amount required to cover peso-based expenses.
Remittance inflows are expected to remain robust amid rising living costs for OFW families. The BSP forecasts a 3% annual growth in remittances for 2024 and 2025.
However, potential risks loom on the horizon, including stricter immigration rules under U.S. President-elect Donald Trump, which could impact remittances from the United States, one of the Philippines’ largest sources of OFW income.
