By Katherine K. Chan, Reporter
MONEY SENT HOME by overseas Filipino staff (OFW) fell to its lowest level in six months in November, the Bangko Sentral ng Pilipinas (BSP) reported.
Preliminary central bank data released on Thursday showed that money remittances coursed through banks rose by 3.6% to $2.91 billion from $2.808 billion in the identical month in 2024.
This was the bottom remittance level recorded in six months or for the reason that $2.658 billion in May.
When it comes to growth, November marked the fastest pace in two months or for the reason that 3.7% in September.
Meanwhile, remittances declined by 8.2% from $3.171 billion in October.
“November’s dip is admittedly only a timing story,” Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said in a Viber message. “Quite a lot of the vacation money was already sent in October, which is why we saw that month heavy with remittances — partly attributable to pre‑holiday transfers and even typhoon‑related aid being front‑loaded.”
Mr. Ravelas noted that the month-on-month dip was not a “red flag” because it is a usual trend seen before remittances surge in December.
In November, land-based OFWs sent home the majority of money remittances, which went up by 3.6% 12 months on 12 months to $2.303 billion.
Remittances from sea-based staff likewise grew by an annual 3.6% to $606.592 million in November.
BSP data also showed that non-public remittances, which include each money coursed through banks and informal channels and in-kind remittances, rose by 3.6% to $3.235 billion in November from $3.121 billion within the previous 12 months.
Metropolitan Bank & Trust Co. Chief Economist Nicholas Antonio T. Mapa said movements within the foreign exchange market likely drove the annual growth in remittances.
In November, the peso touched the P59-per-dollar level several times. It even closed at P59.17 against the greenback on Nov. 12, breaking the previous record of P59.13 seen on Oct. 28.
“Despite this development, remittances proved to be a solid and reliable source of FX (foreign exchange) while also translating into healthy purchasing power that likely helped drive holiday spending,” Mr. Mapa said in a Viber message.
11-MONTH CLIMB
As of November, money remittances from migrant Filipinos reached $32.111 billion, climbing by 3.2% from $31.113 billion throughout the same period in 2024.
Remittances from land-based staff grew by 3.3% 12 months on 12 months to $25.66 billion as of end-November, while sea-based OFW remittances rose by 2.8% to $6.45 billion.
Alternatively, personal remittances within the 11-month period stood at $35.727 billion, up by 3.2% from $34.608 billion at end-November 2024.
“The US remained the highest source of remittances to the Philippines during January-November 2025, followed by Singapore and Saudi Arabia,” the BSP said in an announcement.
Based on BSP data, money sent home from the US accounted for 40% of the remittances within the 11 months to November.
Inflows from Singapore made up 7.1% of the entire remittances, followed by Saudi Arabia (6.4%), Japan (5%), the UK (4.6%), the United Arab Emirates (4.6%), Canada (3.5%), Qatar (2.9%), Taiwan (2.8%) and South Korea (2.4%).
The US was the highest source of land-based remittances at end-November with 41.9% of total remittances. The remaining got here from Saudi Arabia (8%), Singapore (6.4%), the United Arab Emirates (5.7%) and the UK (4.5%).
Meanwhile, 32.2% of the remittances from sea-based staff were from the US, followed by Singapore (10.2%), Japan (7.1%), Germany (5.5%) and the UK (5.4%).
The BSP expects money remittances to grow by 3% to $35.5 billion this 12 months.