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.
READ:
OFW remittances growth slowing
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.