CASH remittances sent by overseas Filipino workers (OFWs) in the first three quarters of 2024 reached $25.23 billion, up 3 percent from the $24.49 billion sent home in the same period last year. Analysts say these remittances remain a bright spot in the economy because they boost consumer spending, which accounts for more than 70 percent of the domestic economy's output. They also strengthen the current account and support the peso.
