OVERSEAS Filipino worker (OFW) remittances hit $2.86 billion in April, Bangko Sentral ng Pilipinas (BSP) data showed on Monday, 3.1 percent higher compared to the year-earlier $2.77 billion. AdvertisementThe US accounted for the biggest share (41.1 percent) of personal remittances, followed by Singapore (7.0 percent), Saudi Arabia (6.0 percent), and Japan (5.1 percent). "For the coming months, single-digit/modest growth in OFW remittances could still continue as OFW families/dependents still need to cope up with relatively higher prices/inflation locally," he added. Cash remittances accounted for $33.5 billion, 2.9 percent more than the year-earlier $32.54 billion and hitting the BSP's target for the year. The central bank is targeting 3.0 percent growth in cash remittances this year.

Source: Manila Times June 17, 2024 16:59 UTC