Overseas Filipinos’ remittances rise to USD 3.23B in November 2025

MANILA — Personal remittances from overseas Filipinos climbed to USD 3.23 billion in November 2025, marking a 3.6 percent increase year-over-year from USD 3.12 billion in November 2024, the Bangko Sentral ng Pilipinas (BSP) reported on Monday, Jan. 12.

Cash remittances, which are transfers coursed through banks, also rose to USD 2.91 billion in November 2025 from USD 2.81 billion in the same month the previous year. This reflects a year-on-year growth rate of 3.6 percent.

For the first 11 months of 2025, total cash remittances reached USD 32.11 billion, representing a 3.2 percent increase from USD 31.11 billion recorded in January–November 2024.

Meanwhile, personal remittances—which include cash sent via both formal and informal channels as well as non-cash transfers—rose 3.2 percent to USD 35.73 billion from USD 34.61 billion over the same period.

The BSP attributed the growth primarily to steady remittance inflows from land-based and sea-based Filipino workers.

Land-based cash remittances rose by 3.3 percent year-to-date to USD 25.66 billion, up from USD 24.84 billion. Sea-based cash remittances increased by 2.8 percent, totaling USD 6.45 billion from USD 6.27 billion.

Seasonally adjusted personal remittances for November 2025 reached USD 3.35 billion, up 0.6 percent from October.

Seasonally adjusted month-on-month data for cash remittances were not reported.

US remains top source

Based on remittance sources from January to November 2025, the United States accounted for the largest share of total cash remittances at 40.0 percent, followed by Singapore (7.1 percent) and Saudi Arabia (6.4 percent), according to Figure 2 of the BSP release.

The report noted limitations in accurately disaggregating remittance data by actual country of origin due to how funds are routed.

“Remittance centers in various cities abroad often course funds through correspondent banks, most of which are located in the U.S.,” the BSP explained.

“As a result, the U.S. appears as the main source of remittances, even if the underlying funds may originate elsewhere”.

Land-based vs. sea-based

Among land-based remittances, the United States accounted for 41.9 percent of the total, followed by Saudi Arabia (8.0 percent) and Singapore (6.4 percent).

For sea-based remittances, the U.S. also led with 32.2 percent, followed by Singapore (10.2 percent) and Japan (7.1 percent), according to BSP data visualized in Figure 2.

Economic impact and context

Overseas Filipino remittances remain a vital driver of domestic consumption and a key source of foreign exchange.

In recent years, remittances have consistently contributed around 9 percent to the Philippines’ gross domestic product (GDP), according to previous BSP estimates.

The 3.2 percent increase in remittances for the first 11 months of 2025 slightly outpaces the 3.0 percent growth rate registered for the same period in 2024.

The BSP has not yet released a full-year forecast, but sustained growth in remittance inflows is expected to support household spending and cushion external sector pressures amid global economic uncertainties.