OFW Remittances Up 9% in September

Remittances from overseas Filipino workers bounced backed strongly in September, recording the fastest growth in 29 months as OFWs scrambled to send more money to their loved ones in the country during the ‘ber’ months in preparation for the Christmas holidays, according to the Bangko Sentral ng Pilipinas.

BSP Governor Benjamin Diokno yesterday reported personal remittances went up by nine percent to a two-month high of 2.9 billion dollars in September from 2.65 billion dollars in the same month last year.

This was the fastest growth since the 13 percent increase recorded in April 2018.Diokno said personal remittances from land-based workers with work contracts of one year or more booked a double-digit growth of 10 percent to 2.2 billion dollars in September from two billion dollars a year ago.

He said remittances from OFWs with work contracts of less than one year grew by 6.5 percent to 622 million dollars from 584 million dollars.

Source: https://www.philstar.com/business/2020/11/17/2057337/ofw-remittances-9-289-billion-september

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