OFW remittances reach $24B in first 8 months

SunStar Publishing Inc.

MONEY sent home by overseas Filipinos increased by 2.8 percent to reach US$3.10 billion in August 2023 from $3.02 billion in the same month of the previous year. Data from the Bangko Sentral ng Pilipinas showed that growth in personal remittances in August was driven by increased remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.

Similarly, the total amount of personal remittances from overseas Filipinos in the first eight months of this year reached $24.01 billion. This represents a 2.9 percent increase from the $23.34 billion in the same period in 2022. The growth in cash remittances from the United States, Saudi Arabia, and Singapore contributed mainly to the increase in remittances in the first eight months.

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