The total cash remittances sent by overseas Filipino workers’ (OFW) in June fell by 4.5 percent to US$2.4 billion compared to the same period last year, according to Bangko Sentral ng Pilipinas.
During the first half of 2018, OFWs’ personal remittances also dropped by 4.9 percent year-on-year to US$2.6 billion.
Meanwhile, cash remittances grew by 2.7 percent hitting US$14.2 billion in the first semester of the year.
Countries from the Middle East showed the biggest declines in cash remittances in June, particularly the United Arab Emirates (UAE), Saudi Arabia and Kuwait.
The BSP is pointing to repatriation as possible cause of the decline.
“The Overseas Filipino Workers (OFWs) repatriation program of the government may have partly affected the remittance flows for the month,” it said in a statement.
According to data, 4,149 OFWs were repatriated in the first two months of 2018 and this may have taken a toll on the amount of money being sent home to the Philippines.
