OFW remittances slip to six-month low in November

Money sent home by overseas Filipino workers (OFW) fell to its lowest level in six months in November, the Bangko Sentral ng Pilipinas (BSP) reported.

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Preliminary central bank data released on Thursday showed that cash remittances coursed through banks rose by 3.6% to $2.91 billion from $2.808 billion in the same month in 2024.

This was the lowest remittance level recorded in six months or since the $2.658 billion in May.

In terms of growth, November marked the fastest pace in two months or since the 3.7% in September.

Meanwhile, remittances declined by 8.2% from $3.171 billion in October.

“November's dip is really just a timing story,” Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said in a Viber message. “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.”