OFW Remittances Reach $17B as of June 2023
Remittances from Overseas Filipinos gained a total of $17.59 billion for the first six months of 2023, the BSP reported.
Remittances from Overseas Filipinos gained a total of $17.59 billion for the first six months of 2023, the BSP reported.
Personal and cash remittances โfrom Filipinos working and living abroad have declined to its lowest level since June 2022, the BSP reported.
BSP data revealed that personal remittances from OFWs increased by about โฑ8 billion in the same last year.
Personal remittances stood at $2.793 billion, a 1.2% higher from $2.759 billion last year, but still lower than Januaryโs $2.966 billion.
The news did not receive a warm reception after it was posted by BSP Governor Benjamin Diokno. According to Susan Ople, an advocate of OFW rights and the current head of the Blas Ople Policy Center (BOPC), the struggling OFW has become the โayudaโ source of their household back home.
The World Bank previously estimated that that there would be a 13% decline in local remittances because of the pandemic.
The Bangko Sentral ng Pilipinas (BSP) reported increased OFW remittances in February 2020 at US$2.62 billion, which is 2.6% higher than what was previously recorded in February 2019.
Cash remittances will decline particularly those coming from sea-based OFWs. Many of them have been repatriated already.
The Bangko Sentral ng Pilipinas (BSP) reveals that personal remittances from overseas Filipinos (OFs) grew by 7.3% year-on-year in January 2020.
The Bangko Sentral ng Pilipinas (BSP) announces that personal remittances from Overseas Filipinos have reached a record high of US$33 billion in 2019.