OFW remittances hit record-breaking $34B in 2021

OFW remittances hit record-breaking $34B in 2021– BSP

By Mayvelin U. Caraballo

Feb 15, 2022 10:55 pm

OVERSEAS Filipino workers (OFWs) remitted a record-breaking $34 billion last year, accounting for 8.9 percent of the country's gross domestic product (GDP), the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.

Personal remittances, which are cash or in-kind transfers between families, totaled $34.88 billion in 2021, up 5.1 percent from $33.19 billion in the previous year.

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