April sees 3.8% growth in OFW remittances

Personal remittances from overseas Filipino workers (OFWs) in April reached $2.77 billion, marking a 3.8 percent increase from the same period last year. This growth rate matches that of April 2022 and is faster than the 3 percent recorded in March.

The Bangko Sentral ng Pilipinas reported that both land-based and sea-based OFWs contributed to the increase in inbound money transfers. From January to April 2023, total remittances amounted to $11.68 billion, a 3.2 percent increase compared to the same period in 2022.

The main contributors to this growth were the United States, Singapore, and Saudi Arabia.

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OFW remittances growth slowing



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