OFW Remittances Grew In October

The Bangko Sentral ng Pilipinas (BSP) said Philippines-bound cash transfers sent through banks grew in October by 3.5% to $2.91 billion from $2.81 billion in the same month last year.

January-October cash remittances mainly from overseas Filipino workers grew by 3.1% to $26.74 billion from $25.93 billion.

The BSP said stronger inflows from banks based in the United States, Saudi Arabia, Singapore, and Qatar drove the increase.

US banks had the highest amount of overall remittances in the first ten months of 2022, followed by Singapore and Saudi Arabia.

Source: Inquirer.net