MONEY SENT HOME by overseas Filipino workers (OFWs) in November grew by 5.7% to $2.644 billion, the lowest amount in six months, data from the Bangko Sentral ng Pilipinas (BSP) showed. READ:
Overseas Filipino workers are seen at the main airport in Manila in this file photo. — REUTERSMONEY SENT HOME by overseas Filipino workers in November grew by 5.7% to $2.644 billion, the lowest amount in six months, data from the BangThis was the quickest annual growth in 17 months or since the 7% in June 2021, and above the BSP’s 4% full-year target.
In a statement, the BSP attributed the growth in cash remittances in November to higher receipts from land- and sea-based workers. “As expected, November OFW remittances growth has risen further from a year ago as OFWs sent more money for the holiday celebrations,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message.
The peso rebounded to the P56-a-dollar mark in November, closing the month at P56.56, up by P1.41 or 2.5% from its P57.97ation hitting multi-year highs, we could see remittances show decent growth despite concerns about a global slowdown,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a Viber message.
Remittances from the top 10 countries cumulatively made up 79.7% of the total during the 11-month period.ows in kind, grew by 5.8% to $2.93 billion in November from $2.77 billion a year ago.
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