Cash remittances from overseas Filipino workers (OFWs) rose to USD2.91 billion in November 2025, up 3.6 percent from $2.81 billion in November 2024, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The amount was lower than the $3.17 billion recorded in October 2025, according to BSP data released Thursday.

Year-to-date cash remittances reached $32.11 billion, up 3.2 percent from $31.11 billion in the same period in 2024.

Including in-kind remittances and funds sent through informal channels, total remittances amounted to $3.23 billion in November, bringing the end-November 2025 total to $35.73 billion.

In a report, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the month-on-month decline was due to weather-related disruptions that cut the number of business days for remittance transactions.

He also cited political issues that weakened the peso against the U.S. dollar, prompting some OFWs to delay converting remittances to pesos until December for holiday spending.

Despite the decline, Ricafort said remittances remain a key support for the economy as a major driver of domestic consumption.

Domestic consumption accounts for about 73 percent of gross domestic product (GDP), and sustained remittance growth could support faster economic expansion in the fourth quarter.

Ricafort added that remittances typically peak in December due to holiday-related spending.

"OFW remittances growth could sustain at the +3 percent growth levels in the coming months, unless weighed by more protectionist policies by the Trump Administration on immigration that could potentially reduce OFW remittances from the US," Ricafort said.