By Aaron Michael C. Sy, Reporter
MONEY SENT HOME by overseas Filipino workers (OFWs) jumped by an annual 3.7% in September, the fastest pace in five months, the Bangko Sentral ng Pilipinas (BSP) said on Monday.
Data from the central bank showed cash remittances rose to $3.12 billion in September from $3.01 billion in the same month in 2024.
This was the fastest growth since the 4% logged in April.
Month on month, cash remittances increased by 4.84% from $2.977 billion in August.
For the first nine months of the year, cash remittances sent through banks increased by 3.2% to $26.03 billion from $25.23 billion a year ago.
“The United States remained the top source of remittances to the Philippines during January-September 2025, followed by Singapore, and Saudi Arabia,” the BSP said in a statement.
Cash remittances from the US accounted for 40.4% of the total in the nine-month period.
This was followed by Singapore (7.1%), Saudi Arabia (6.4%), Japan (4.9%) the United Kingdom (4.8%), the United Arab Emirates (4.5%), Canada (3.5%), Qatar (2.9%), Taiwan (2.8%) and South Korea (2.5%).
Meanwhile, personal remittances went up by 3.8% to $3.46 billion in September from $3.34 billion a year earlier.
In the January-to-September period, personal remittances rose by 3.2% to $28.97 billion from $28.07 billion a year ago.
Personal remittances include both cash coursed through banks and informal channels as well as in-kind remittances.
Analysts said OFWs sent home more money starting September, as the holiday season approaches.
“The ‘ber’ months effect kicked in early, with OFWs sending more ahead of the long holiday season,” Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said in a Viber message.
He added that the strong labor market and a competitive peso also supported remittance growth in September.
The peso closed at P58.196 per dollar on Sept. 30, weakening by P1.066 or 1.87% from P57.13 on Aug. 29.
In September, the country’s unemployment rate improved to 3.8% from 3.9% in August. For the first nine months, the jobless rate stood at 4.1%, a tad higher than 4% in the same period last year.
“The onset of ‘ber’ months marks the start of the holiday season for Filipinos. Thus, we may expect OFWs to send their earnings to their families here for the celebrations and gatherings,” Oikonomia Advisory and Research, Inc. economist Reinielle Matt M. Erece said in a Viber message.
Mr. Erece said remittance growth could be faster from October to December, before stabilizing in January 2026.
“For the fourth quarter, expect remittances to stay resilient and peak in December. BSP’s 3% full-year growth target looks well within reach,” Mr. Ravelas likewise said.
The BSP expects cash remittances to grow by 3% to $35.5 billion this year.
