Remittances of Overseas Filipino Workers to the Philippines have increased to $$2.644 billion (5.7%) in November 2022, according to data from Bangko Sentral ng Pilipinas (BSP).
It grew by 5.8 percent to US$2.93 billion in November 2022 from US$2.77 billion recorded in the same month last year.
The BSP considers this as the quickest annual growth in 17 months or since the 7% in June 2021, and above the BSP’s 4% full-year target.
However, this is the lowest remittance amount of OFWs in six months since the $2.43 billion in May 2022. It declined by 9.2% from the $2.911 billion recorded remittances in October.
The same data reflects that 4.2% of the overall recorded remittances from January to December 2021 were from OFWs located in the United Arab Emirates.
The highest remittance amounts came from the United States, comprising of 41.4% followed by Singapore and Saudi Arabia.
The increase in comparison to the remittances rate from 2021 were attributed to the higher remittances sent by 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.
