MONEY sent home by Filipinos overseas hit a six-month low of $3.23 billion in November, Bangko Sentral ng Pilipinas (BSP) data showed on Thursday.
Personal remittances, which include cash sent through banks and informal channels, rose by 3.6 percent from $3.12 billion a year earlier but dropped 8.0 percent from the $3.52 billion recorded in October.
The result was the lowest since May 2025’s $2.97 billion.
Cash remittances alone totaled $2.91 billion, also 3.6 percent higher than the yearago $2.81 billion but 8.3 percent lower compared to October’s $3.17 billion.
It was also the lowest since May’s $2.66 billion.
Land-based workers accounted for the bulk of cash remittances at $2.3 billion, up from $2.22 billion a year earlier, while sea-based worker remittances also rose to approximately $610 million from $590 million.
Reyes Tacandong & Co. senior adviser Jonathan Ravelas said November’s dip was 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 OFWs (overseas Filipino workers),” he added.
Year to date, personal and cash remittances rose by 3.2 percent to $35.7 billion and $32.11 billion, respectively, from $34.6 billion and $31.1 billion in January-November 2024.
Land-based workers contributed $25.66 billion, up from the yearago $24.84 billion, while sea-based workers added $6.45 billion — also higher compared to the $6.27 billion recorded in the prior period.
The United States remained the top source of cash remittances, accounting for 40 percent of the year-to-date total. Singapore followed at 7.1 percent and Saudi Arabia at 6.4 percent.
Rounding up the top five were Japan (5.0 percent) and the United Kingdom and the United Arab Emirates (4.6 percent each).
The BSP noted limitations on data by source as remittance centers abroad normally send the money through correspondent banks that are mostly located in the US.
Also, remittances sent through couriers are recorded under the country where their main offices are located, which again in many cases is the US.
“Therefore, the US would appear to be the main source of OF remittances because banks attribute the origin of funds to the most immediate source,” the BSP said.
