OFW remittances hit $2.93B in Nov

By Eireene Jairee Gomez

Jan 17, 2023 12:19 am

(UPDATE) PERSONAL remittances from overseas Filipino workers (OFWs) totaled $2.93 billion in November, the Bangko Sentral ng Pilipinas (BSP) reported on Monday, improving from $2.77 billion a year earlier but lower compared to the previous month's $3.28 billion.

'The increase in personal remittances in November 2022 was due to higher remittances sent by land-based workers with work contracts of one year or more, and sea- and land-based workers with work contracts of less than one year,' the BSP said in a statement.

Photo shows a remittance center at the Lucky Plaza Mall in Singapore. According to the Bangko Sentral ng Pilipinas, personal remittances from overseas Filipino workers reached $2.93 billion in November 2022 with those in Singapore accounting for 6.9 percent, second to the US, which recorded the highest remittances at 41.4 percent. Saudi Arabia is third at 5.8 percent. PHOTO BY AARON RONQUILLO

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