OFW remittances up in May

OFW remittances up in May – BSP

By Mayvelin U. Caraballo

Jul 16, 2022 12:25 am

THE amount of money sent home by overseas Filipino workers (OFWs) increased to its highest level in two months in May, according to data released on Friday by the Bangko Sentral ng Pilipinas (BSP).

Personal remittances, or cash or kind transfers between families, reached $2.70 billion in the fifth month of 2022, up 1.27 percent from $2.67 billion in April and 1.99 percent from $2.65 billion in May 2021. Since the $2.88 billion sent in March of this year, this was the most OFs ever sent.

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