October remittance growth slowest in five months

By Katherine K. Chan, reporter

Money sent home by Filipinos abroad grew by 3% year on year in October, the slowest pace in five months, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

Cash remittances coursed through banks climbed by 3% to $3.171 billion in October from $3.009 billion in the same month last year, data from the central bank showed.

This was the slowest growth posted since May when remittances rose by 2.9%.

However, October still marked the highest monthly remittance level in three months or since the $3.179 billion posted in July.

“Cash remittances from overseas Filipinos (OF) totaled $3.17 billion in October 2025 and $29.20 billion in January-October 2025,” the central bank said in a statement.

The United States remained the top source of remittances to the Philippines in the January October period, followed by Singapore and Saudi Arabia.

Month on month, remittances grew by 1.6% from $3.121 billion previously.

In the ten-month period, cash remittances reached $29.202 billion, up 3.2% from $28.304 billion seen a year ago.

Meanwhile, personal remittances, which include both cash coursed through banks and informal channels and in-kind remittances, rose by 3% to $3.519 billion in October from $3.415 billion a year earlier.

Personal remittances likewise recorded a 3.2% annual growth with a total of $32.493 billion as of October from $31.487 billion previously.