towards Katherine K. Chan
The money was sent home by FilitypeThe country abroad grew by 3% year-on-year in October, a slower pace between For five months, Bangko Senlove Ng Pilipinas (BSP) said on Monday.
Cash withdrawals paid by banks rose to $3.171 billion from $3.079 billion in the same month last year, data from the central bank showed.
This was the slowest growth since the money was released at 2.9%. It also equated to 3% growth in July.
In terms of value, in October there was the highest monthly level in three months or from $ 3.179 billion into July.
“Remittances from Filipinos overseas reached $3.17 billion in October 2025 and $29.2 billion in January-October 2025,” the Central Bank said in a statement.
Month-on-month, payroll increased by 1.6% from $3.121 billion in September.
“Growth was driven by strong offshore employment and pre-holiday transfers, with the US accounting for more than 40% of transactions,” Union Bank of the Philippines Economist Ruben Carlo O. Asuncion said on Viber.
“While October marked the slowest pace in five months, this reflects time rather than a structural slowdown.”
RIMAL Commerce Banking Corp. Economist Count Economist said that the PESO trading at P58-PER-DORLAR LESEL benefits Overseas Filipino Workers (OFW) who sent remittances in October.
“The highest level of the US Dollar-Peso levels at the levels of P58-P59 in the past months amid political noises especially in September …, was an opportunity to change the currency used for its expenses in the country,” said the Viber message.
In October, the peso weakened against the greenback at a rate of P58.2984 per US dollar from P57.2501 recorded in September.
Jonathan L. Ravelos, senior consultant at Reyes Tacandong & Co, said the high demands of workers and preparation for the holidays before the holidays helped to increase the growth in the year.
He also pointed out that the decline in October was a common practice seen before the currency entered its highest level in Leand.
“The speed of the Slower October is not alarming – it is a normal way before the operation of the year, and the weak peso actually gives more bang for their belt,” said Mr.
Money sent home by world-based workers rose 2.98% to $2.55 A billion in October from $ 2.476 BILlion in the same month in 2024.
On the other hand, the amount paid to workers based at sea increased by 3.11% to $ 621.113 million in October from $ 602.35 million last year.
At the same time, personal income, which includes both money courses through banks and informal channels and small sources, rose by $ 3.519 billion by $ 3.415 a year earlier.
Funds issued in 10 months
In the period of 10 months, the money paid reached $ 29.202 billion, up 3.2% from $ 28.204 billion seen last year.
This is slightly faster than the annual growth forecast of 3%. The BSP expects to end the year with $35.5 billion in total cash resources.
However, Mr. Asuncion said the release of the fee is likely to increase in the remaining two months of the year.
“It is important to be aware of that payment and conversion to pesos throughout the season, if not the peak, (fourth quarter) especially during the Christmas holiday at the end of the year,” said Mr. Ricafort.
Personal income grew by 3.2% year-on-year to $32.493 billion in the January-to-October period from $31.487 billion a year ago.
The BSP data also shows that the conversation from Land-based ofws is planned by 3.28% year-on-year to $ 23.36 billion and $ 22.618 billion in 2024.
Meanwhile, sea-based Filipinos sent home an amount of $5.841 billion at the end of October, 2.73% higher than the $5.686 billion recorded in the Unit and Year – During the previous period.
As of October, Ofws in the United States sent the most money home, accounting for 40.3% of the total remittances at the time.
This was followed by Singapore (7.2%), Saudi Arabia (6.4%), Japan (4.9%), United Kingmis (3.5%), Qaiwar (2.8%), ACAiwan (2.5%) and South Korea (2.5%).
Most of the money paid from Land-based ofw at End-October came from the US, accounting for 42% of the total, while others came from Saudi Arabia (6.5%) and the United Kingdom (4.5%) and the United Kingdom (4.5%).
The US was the top source of sea-based sources during the period with 32.3%, followed by Singapore (10.2%), Japan (5.4%) and the United Kingdom (5.4%) and the United Kingdom (5.4%).
