Sun.Star Pampanga

OFW remittance­s up in January

-

MANILA – Personal remittance­s from overseas Filipino workers (OFW) went up by 2.7 percent in January this year, the Bangko Sentral ng Pilipinas (said).

Data released by the BSP over the weekend showed that personal remittance­s from overseas Filipinos amounted to USD3.15 billion in January from USD3.07 billion in the same month last year.

"The increase in personal remittance­s in January 2024 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," the BSP sai d.

The BSP said cash remittance­s coursed through banks increased by 2.7 percent to USD2.84 billion in January 2024 from USD2.76 billion a year ago.

The growth in cash remittance­s in January 2024 was primarily due to increased receipts from both land- and sea-based w or k er s.

"The growth in cash remittance­s from the United States, Saudi Arabia, the United Arab

Emirates (UAE), and Singapore contribute­d mainly to the increase in remittance­s in January 2024," the central bank said.

Top sources of remittance­s during the month include the United States (41.8 percent), Singapore (7.3 percent), Saudi Arabia (6.0 percent), Japan (5.8 percent), and United Kingdom (4.8 percent).

"The Philippine remittance­s from overseas workers have consistent­ly been the fourth largest in the world after India, Mexico, and China, amounting more than USD40 billion per year, a sign of resilience and has always been a major growth driver for the Philippine economy for many years," Rizal Commercial Banking Corporatio­n chief economist Michael Ricafort said in a comment on Saturday.

Ricafort said in the coming months, modest growth in OFW remittance­s could still continue as OFW families still need to cope up with relatively higher prices locally that would require the sending of more remittance­s.

He, however, noted that offsetting risks factors include higher inflation and a possible economic slowdown in host countries which could lead to some jobs losses. (PNA)

 ?? (PNA photo by Alfred Frias) ?? OFW REMITTANCE­S. President Ferdinand R. Marcos Jr. graces the overseas Filipino workers Family Day at SMX Convention Center in Pasay City on Dec. 20, 2023. On Saturday (March 16), the Bangko Sentral ng Pilipinas said personal remittance­s from overseas Filipinos went up by 2.7 percent in January this year.
(PNA photo by Alfred Frias) OFW REMITTANCE­S. President Ferdinand R. Marcos Jr. graces the overseas Filipino workers Family Day at SMX Convention Center in Pasay City on Dec. 20, 2023. On Saturday (March 16), the Bangko Sentral ng Pilipinas said personal remittance­s from overseas Filipinos went up by 2.7 percent in January this year.

Newspapers in English

Newspapers from Philippines