Cash remittances rise to $2.9 billion in November

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January 16, 2026 | 12:00am

Ahead of Christmas holidays

MANILA, Philippines —  Money sent home by overseas Filipinos continued to rise in November, underscoring their role as a stable source of foreign exchange for the economy, even as monthly inflows eased to a six-month low amid seasonal factors.

Based on preliminary data from the Bangko Sentral ng Pilipinas (BSP), cash remittances rose to $2.91 billion in November 2025, posting a 3.6-percent increase from $2.81 billion in the same month last year.

Despite the increase, the $2.91 billion figure in November marked the lowest monthly level in six months or since the $2.66 billion recorded in May 2025.

This brought cash remittances from January to November at $32.11 billion, climbing by 3.2 percent from $31.11 billion a year earlier, reflecting the continued contribution of overseas Filipinos to domestic consumption and foreign exchange inflows.

The central bank said that remittances sent by land-based workers increased by 3.6 percent year-on-year to $2.3 billion in November, while sea-based workers’ remittances also grew by 3.6 percent to $610 million.

On a cumulative basis, land-based remittances reached $25.66 billion, up by 3.3 percent, while sea-based remittances rose by 2.8 percent to $6.45 billion.

Reyes Tacandong & Co. senior adviser Jonathan Ravelas said the moderation in November inflows does not signal a weakening trend.

“November’s dip is really just a timing story. A lot of the holiday money was already sent in October, which is why we saw that month heavy with remittances, partly due to pre?holiday transfers and even typhoon?related aid being front?loaded,” he said.

“So by November, the flow naturally softens before the big December surge. It’s not a red flag – just the usual seasonal lull after an early push from overseas Filipinos,”  Ravelas added.

Personal remittances, which include cash sent through banks and informal channels as well as remittances in kind, amounted to $3.23 billion in November, 3.6 percent higher than the previous year’s $3.12 billion.  a year earlier.

Year to date, personal remittances expanded by 3.2 percent to $35.73 billion from $34.61 billion in the comparable 2024 period.

The BSP said the United States remained the top source of remittances during the January to November period, accounting for 40 percent of the total. This was followed by Singapore (7.1 percent) and Saudi Arabia (6.4 percent).

The dominance of the US partly reflects the common practice of coursing remittances through correspondent banks located there, which may overstate the country’s share in the official data.

Remittance flows continue to provide a steady source of foreign exchange, helping support household spending and cushion the economy against external headwinds.

The BSP expects cash remittances to rise by three percent to $35.5 billion in 2025 and by three percent again to $36.6 billion this year.