OFW remittances up 3.1% in April
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.
«The increase in personal remittances in March 2024 was due to 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 said in a statement.
The April tally, however, was down from $3.05 billion in March and was also the lowest monthly level to date for the year.
Money sent home via banks alone totaled $2.56 billion, also 3.1 percent up from $2.48 billion in April last year but again below March's $2.74 billion.
«The expansion in cash remittances in April 2024 was due to growth in receipts from both land- and sea-based workers,» the central bank said.
Year to date, personal remittances were 2.8 percent higher at $12.01 billion, from $11.68 billion a year earlier, while cash remittances rose 2.8 percent to $10.78 billion from $10.49 billion.
Cash remittance growth for the four-month period was mainly due to increased flows from the United States, Saudi Arabia and Singapore, the BSP said.
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).
Other countries that contributed to total remittances were the United Kingdom (4.5 percent), the United Arab Emirates (4.2 percent), Canada (3.2 percent), Qatar (2.8 percent), Korea (2.7 percent), and Taiwan (2.7 percent).
Sought for comment, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the growth would benefit the local economy as it would fuel consumer spending.
«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.
AdvertisementPersonal remittances hit a record $37.2 billion last year, growing 3.0 percent from $36.14 billion in 2022 and attributed by the BSP to a rise in OFW deployment.
Cash remittances accounted for $33.5 billion, 2.9 percent
