OFW remittances hit 3-month high in March
MONEY sent home by overseas Filipino workers (OFWs) rose to three-month high in March, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.
Personal remittances — comprising OFWs’ net compensation, personal transfers whether in the form of cash or in kind, and capital transfers between households — totaled $2.796 billion, 6.4 percent higher than the $2.627 billion posted a year earlier, and 9.3 percent higher compared to the $2.557 billion booked in the prior month.
It was also the highest since December 2018.
The result brought first quarter remittances to $8.098 billion, 3.7 percent higher than the $7.809 billion registered in the comparable 2018 period. MAYVELIN U. CARABALLO
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