Xmas spending drives cash remittance surge

Cash sent home by overseas Filipinos reached $3.17 billion in October, the highest in three months, driven by frontloaded Christmas spending, the stronger United States (US)-peso exchange rate, and increased deployments abroad.

- Derco Rosal

According to the Bangko Sentral ng Pilipinas (BSP), total cash remittances in October were three percent higher than the $3.08 billion recorded in October last year. It was the highest volume in three months since the $3.18 billion in July.

Cumulative cash remittances as of end-October increased by 3.2 percent to $29.2 billion from $28.3 billion in the same period last year. Notably, year-to-date remittances also reached the largest year-to-date figure since 2022.

This is equivalent to 82.3 percent of the central bank's full-year remittance growth forecast of $35.5 billion this year.

As of the third quarter of 2025, the BSP projected cash remittances to expand by three percent this year from $34.5 billion in cash remittances a year ago. It also forecasts remittances will grow by three percent to $36.6 billion next year. These projections reflect a rosier outlook for remittances.