9-mo remittances up by 3.2%, reach $26.03B By Reine Juvierre S. Alberto @reine_alberto
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ITH remittances reaching $26.03 billion in the first nine months of the year, the Philippines is on pace to log another record-high inflow of cash from overseas Filipinos. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances grew by 3.2 percent year-on-year to $26.030 billion as of the end of September 2025, from $25.226 billion during the same period last year.
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The United States remained the top source of remittances to the Philippines during the ninemonth period, according to the BSP, followed by Singapore and Saudi Arabia. “There is optimism that the Philippines will attain another record-high inflow of foreignsourced cash remittances from the over-10 million Filipino population who work and reside abroad,” Jeremaiah M. Opiniano, executive director of the Institute for Migration and Development Issues (IMDI), told BusinessMirror.
This will be driven by families affected by recent disasters seeking help from loved ones abroad, as well as the strengthening of the US dollar against the peso, Opiniano said. “Given the recent string of disasters, those who will send money will remit it regardless of the foreign exchange rate,” Opiniano added. Still, the Philippines has yet to return to the above-3.5 percent monthly cumulative growth levels last seen in December 2022 and January 2023.
‘Ber months’ and weak peso
THE onset of the “-ber” months marks the start of the holiday season in the Philippines, which in turn, increases the inflows of remittances by overseas Filipino workers to their families for celebrations and gatherings, Reinielle Matt Erece, economist at Oikonomia Advisory and Research, Inc., said. “We may continue to see remittances grow stronger in the last two months of the year, add to that the upward exchange rate See “Remittances,” A2
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By Samuel P. Medenilla and Reine Juvierre S. Alberto
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HE Marcos administration was rocked by a major Cabinet shakeup on Monday with the voluntary resignations of Executive Secretary Lucas P. Bersamin and Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman after their respective offices were linked to the flood control project scandal. Palace Press Officer Claire Castro announced that President Ferdinand Marcos Jr. has named
Department of Finance (DOF) Secretary Ralph G. Recto as his See “Bersamin,” A2
TARIFF EXEMPTIONS ON KEY FOOD ITEMS MAY BOOST PESO
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HE Philippine peso may “gradually” regain some strength as new US tariff exemptions on key food products could offer a modest cushion for the currency, though domestic spending issues remain the larger drag. Japanese bank MUFG Global Markets Research said in a note that the Philippines could benefit from the recent tariff exemptions on food products, which could provide some relief to the local currency. The US recently excluded several agricultural products, including coffee, cocoa, bananas, beef and other food items, from President Donald Trump’s latest round of tariffs. MUFG said this is a “sign that perhaps tariffs are having a bigger negative impact
on US consumers and key constituencies than the administration would publicly admit.” In particular, up to 6 percent of the Philippines’s total exports to the US, including items such as coconut oils, will now be exempt, MUFG said. While this relief may help ease some pressure on the local currency, the peso’s larger challenges remain homegrown, MUFG noted. The bigger macro driver for the peso, MUFG said, are the corruption issues tied to flood-control projects and their negative spillovers to government spending. “We are nonetheless hesitant to be too bearish on PHP at current levels of the 59 See “Tariff,” A2
VOICES FOR ACCOUNTABILITY, DAY 2 Members of Iglesia ni Cristo camp out around Quirino Grandstand on Day 2 of the November 16-18
“Rally for Transparency and a Better Democracy,” as Quezon City Police District personnel simultaneously secured crowds at the United People’s Initiative (UPI) Rally for Accountability, Justice, and Integrity at the EDSA People Power Monument. Organizers—from former generals to religious groups and workers—pressed for accountability over alleged flood-control anomalies. Authorities estimated the Grandstand turnout at around 150,000-180,000 by mid-morning, with peak figures of over 300,000 reported later, while higher claims remain unverified. NONOY LACZA/ROY DOMINGO
Economy still ‘fundamentally strong’–DOF By Reine Juvierre S. Alberto
CRISP, NOT RISK A worker in a medical protective suit sprays disinfectant inside a lechon shop in La Loma, Quezon City, in compliance with Bureau of Animal Industry protocols. The BAI has declared La Loma’s roasted pig stores safe after their temporary closure following African swine fever detections, but reminded consumers to buy pork only from accredited sources and observe standard food safety practices. NONIE REYES
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MID demands for accountability and reform in the government, the Philippine economy remains “fundamentally strong” and has stable foundations with opportunities for investments intact, according to Finance Secretary Ralph G. Recto. In a statement on Monday, Recto
noted that inflation stands low at 1.7 percent and at 0.4 percent for the bottom 30 percent of households in October. “This stability allows the Bangko Sentral ng Pilipinas [BSP] more room to cut interest rates, boosting household spending and economic growth,” said Recto, who also sits as a member of the highest policymaking body Monetary Board. The Monetary Board has reduced
the key policy rate by 25 basis points to 4.75 percent, and is further expected to deliver a rate cut in its next rate-setting meeting on December 11. While Recto expects the economy to grow at 4.7 to 4.8 percent, below the government’s target of 5.5 to 6.5 percent, by the end of the year, he said trust will keep investments coming in, businesses expanding and jobs growing.
“We assure the Filipino people that our fiscal consolidation path is on track, and everything moving forward is on the upside. We will bring down our deficit and debt gradually, while creating more jobs, increasing our people’s income, and lifting more Filipinos out of poverty,” Recto added. The real interest rate the government will pay is estimated at 3.3 See “Economy,” A14
PESO EXCHANGE RATES n US 58.9370 n JAPAN 0.3817 n UK 77.5847 n HK 7.5825 n CHINA 8.3017 n SINGAPORE 45.4130 n AUSTRALIA 38.4859 n EU 68.5202 n KOREA 0.0407 n SAUDI ARABIA 15.7174 Source: BSP (November 17, 2025)