Remittances sent home by overseas Filipino workers rose for the third straight month in April, recording their fastest growth in more than four years as OFW deployment accelerated amid the easing of travel restrictions as host countries ramp up COVID-19 vaccination, the Bangko Sentral ng Pilipinas reported.
BSP Governor Benjamin Diokno said personal remittances posted a double-digit growth of 13.1 percent or 2.57 billion dollars in April from 2.27 billion dollars in the same month last year.
The latest growth rate in remittances was the highest since the 18.4 percent increase recorded in November 2016. In absolute amount, however, this was the lowest since the 2.34 billion dollars recorded in May last year.
Personal remittances cover all current transfers in cash or in kind by OFWs, as well as other household-to-household transfers between Filipinos who have migrated abroad and their families back in the Philippines.