Business

Remittances in August up 2.8% to $3.1B

MANILA  – Personal remittances from overseas Filipino workers (OFWs) rose by 2.8 percent to $3.1 billion in August from $3.02 billion in the same month last year, data from the Bangko Sentral ng Pilipinas (BSP) showed.
The increase in August inflows was the fastest since the 2.9 percent recorded three months earlier last May, when remittances amounted to $2.78 billion, the Bangko Sentral said.
The Bangko Sentral attributed the increase in August to continued growth of inbound money transfers from both land-based and sea-based overseas workers.
BSP data said the latest monthly result brought the total inflows for the first eight months of 2023 to $24.01 billion, up by 2.9 percent from $23.34 billion for January-August 2022.

Earlier, it was reported that amid the global lockdown due to the pandemic, the Philippines still raked in a whopping $38 billion in cash remittances in 2022 from around 11 million overseas Filipino workers who sent their hard-earned money to families back home.

Data from the World Bank showed that the national government received the amount “from all channels in 2022,” making Manila the world’s fourth largest recipient of money from its overseas workers, after India, Mexico and China.