Remittances rise 3.7% in September

Cash remittances grew by 3.7 percent in September, its fastest pace in five months, as overseas hiring remained steady, Middle East deployments continued to normalize and households began preparing for school and holiday expenses.

- By KEISHA TA-ASAN

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances rose to $3.12 billion in September from $3.01 billion a year earlier.

This brought the ninemonth total to $26.03 billion, up by 3.2 percent from $25.23 billion in the same period of 2024.

Economists said the September performance reflected a combination of firm labor demand from overseas Filipino workers (OFWs) and early seasonal spending pressures.

SMIC group economist Robert Dan Roces said remittances picked up as hiring abroad held steady and Middle East deployments normalized.

"Seasonal needs also played a role, with many households preparing for school and holiday expenses," Roces said.