by Judith Songlingco · Published on BusinessMirror November 20, 2025
AS the “ber” months unfold in the Philippines, a magical spirit awakens in the hearts of Filipinos. With each decoration hung and every seasonal song played (Mr. Jose Mari Chan is already in standby mode as early as August), the joyous anticipation of Christmas fills the air, inspiring everyone to embrace the warmth and togetherness of the season.
The Christmas season is indeed a period characterized by the spirit of giving, deeply embedded in the practice of exchanging gifts with loved ones and in contributing to charitable causes. This season promotes generosity and selflessness, embodying the fundamental message of love and hope that is central to the celebration of Christmas.
The spirit of generosity shines brightly in a Filipino family setting, where even in the absence of a parent working thousands of miles away, their sacrifices resonate with love and longing. Through remittances, they provide for their family, embodying resilience and commitment.
Overseas Filipino workers (OFWs) remitted over $38.34 billion to the Philippines in 2024, reflecting a 3-percent increase from the $37.21 billion recorded in 2023. This new record, as reported by the Bangko Sentral ng Pilipinas (BSP), highlights the critical role that OFWs and their remittances play in the Philippine economy.
In December 2024, remittances rose to $3.73 billion, up from $3.62 billion in December 2023. This significant increase, especially during the Christmas season, highlights a peak in funds sent home by OFWs, marking the highest monthly levels since tracking began in 2005.
The BSP reported that remittances from land-based and sea-based workers contributed significantly to the Philippine economy, accounting for 8.3 percent of GDP and 7.4 percent of GNI in 2024. With total remittances reaching $34.49 billion, a 3 percent increase from the previous year, most were sent via formal banking channels. The United States of America, Singapore, and Saudi Arabia were the main sources, with the US being the largest contributor.
Remittances from OFWs serve as a significant demonstration of the immense generosity and resilience exhibited by Filipinos, illustrating the strong familial connections they uphold with their relatives in the Philippines. Banks play an integral role in facilitating these remittances by providing essential infrastructure, including specialized remittance services designed to enable the transfer of funds across international borders. These services are tailored to meet the unique needs of OFWs and their families, thereby streamlining the remittance process and enhancing its efficiency.
On the other hand, despite challenges like high transfer fees and exchange rates, OFWs continue to send remittances to keep family bonds tight and ensure loved ones are cared for. The digitalization of remittances by Gen Z OFWs is also a significant trend, as they prefer online transactions for convenience and security.
To every OFW spending Christmas far from home: This is a time filled with joy, yet it can also bring a profound sense of longing. You are not alone in this bittersweet experience. We see the weight of your struggles, and we feel the warmth of your dreams. As the world lights up with festive cheer, let the spirit of love, hope, and gratitude envelop your heart like a cherished embrace.
This Christmas, celebrate the small victories, for they are the building blocks of your journey. Take solace in the knowledge that your sacrifices resonate deeply in the lives of those you hold dear. Each moment you endure far from home only strengthens the bonds of love that tie you to your family.
Maligayang Pasko, kabayan…ang aming makabagong bayani! Hold tightly to hope, for though miles may separate you, your heart beats in unison with those you cherish. Amidst the distance, let the essence of family fill the void. Your unwavering spirit is a gift that transcends borders, igniting the flame of connection no matter how far apart you may be.
For more information, visit bmap.org.ph or https://facebook.com/BankMarketingAssociationPH.
Judith C. Songlingco is the Head of Corporate Affairs and Brand Marketing at Philippine Business Bank (PBB) and the Secretary of the Bank Marketing Association of the Philippines (BMAP). She can be reached via judith.songlingco@yahoo.com. The writer’s views and her written piece do not necessarily reflect those of the BusinessMirror, the PBB and the BMAP.