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OFW remittances hit $2.75B in January 2019

Personal remittances from overseas Filipino workers (OFW) reached $2.75 billion in January this year, the Bangko Sentral ng Pilipinas reported over the weekend.

In a statement, BSP said that the increase represent a 4.4 percent growth from $2.38 billion the previous month as both land-based and sea-based workers beef up remittances in the first month of the year.

Land-based OFWs with contracts of one year and up remitted $2.12 billion, up by 2.3 percent; while sea-based and land-based workers of less than a year sent a total of $580 million during the period.

OFWs based in the mainland United States sent the lion’s share with 35.5 percent of the total remittances attributed to them.

Meanwhile, those working in Saudi Arabia, Singapore, United Kingdom, United Arab Emirates, Japan, Canada, Qatar, Hong Kong and Kuwait contributed the remainder of the $2.75 billion.

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The Filipino Times is the chronicler of stories for, of and by Filipinos all over the world, reaching more than 236 countries in readership. Any interesting story to share? Email us at [email protected]

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