Born in Los Llanos, Dominican Republic, Castro, 24, has spent parts of the last three seasons with the Pirates after being signed by Pittsburgh as an amateur free agent on Oct. 30, 2015.
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The switch-hitting Castro has played in 78 games for the Pirates this season.
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Overall, he is slashing .228/.317/.355 with 45 hits, seven doubles, six home runs, 21 walks and 62 strikeouts in 224 plate appearances.
Falter, 26, was selected by the Phillies in the fifth round of the 2015 MLB Draft.
SEE ALSO: MLB Trade Deadline: Philadelphia Phillies acquire pitcher from Detroit Tigers