Money sent home by overseas Filipino workers (OFWs) fell to a two-month low in January, reaching $3.24 billion, according to the Bangko Sentral ng Pilipinas (BSP). While this marked a 2.9% increase from the $3.15 billion recorded a year earlier, it was lower than December’s $3.73 billion and the weakest since November’s $3.12 billion.
The BSP attributed the decline to remittances from both land-based and sea-based workers. Cash remittances sent via banks totaled $2.92 billion, also up 2.9% year-on-year but lower than December’s $3.38 billion.
The United States remained the largest source of cash remittances, accounting for 41.2%, followed by Singapore (7.5%), Saudi Arabia (6.6%), Japan (5.7%), and the United Kingdom (4.7%). Other key contributors included the UAE, Canada, Qatar, Taiwan, and Malaysia.
Oikonomia economist Matt Erece noted that the slowdown was expected as remittances typically decline after the holiday season.
OFW remittances drop to two-month low in January at $3.24B – BSP
Money sent home by overseas Filipino workers (OFWs) fell to a two-month low in January, reaching $3.24 billion, according to the Bangko Sentral ng Pilipinas (BSP). While this marked a 2.9% increase from the $3.15 billion recorded a year earlier, it was lower than December’s $3.73 billion and the weakest since November’s $3.12 billion.
The BSP attributed the decline to remittances from both land-based and sea-based workers. Cash remittances sent via banks totaled $2.92 billion, also up 2.9% year-on-year but lower than December’s $3.38 billion.
The United States remained the largest source of cash remittances, accounting for 41.2%, followed by Singapore (7.5%), Saudi Arabia (6.6%), Japan (5.7%), and the United Kingdom (4.7%). Other key contributors included the UAE, Canada, Qatar, Taiwan, and Malaysia.
Oikonomia economist Matt Erece noted that the slowdown was expected as remittances typically decline after the holiday season.
