INQUIRER FILE PHOTO
MANILA – Personal remittances from overseas Filipino workers (OFW) increased by 2.9 percent to reach $2.78 billion in May from $2.7 billion in the same month last year due to the growing use of digital transfer platforms.
The inflow growth in May surpassed the 2 percent growth observed in May 2022, but was slower than the 3.8 percent recorded in April.
The Bangko Sentral ng Pilipinas (BSP) attributed the continued growth in May to the increase in inbound money transfers from both land-based and sea-based overseas workers.
The total remittances for the first five months of this year reached $14.46 billion, a 3.1 percent increase from $14.02 billion in January-May 2022.
The growth in the first five months of this year was higher than the 2.5 percent growth recorded in the same period in 2022.
Out of the total remittances, transfers sent through banks increased by 2.8 percent to $2.49 billion from $2.43 billion. The majority of transfers came from the United States, Singapore, and Saudi Arabia.
In an interview with the Inquirer, Earl Melivo, head of WorldRemit in the Asia-Pacific region, stated that remittances are expected to continue growing despite the lifting of the global COVID-19 alert and the normalization of economies.
According to Melivo, the increasing adoption of digital transfer platforms is contributing to the growth of remittances. He also mentioned the convenience of mobile wallets, which allow recipients to receive money 24/7.
However, Melivo noted that bank transfers are still strong due to the increased convenience and accessibility of opening bank accounts.
RELATED STORIES:
Remittances from overseas Filipinos seen to continue growing
Post-COVID remittances fling PH back on list of biggest migrant worker money recipients
Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
