PH Economy Aided by OFW Remittances

Remittances from overseas Filipino workers (OFWs) continue to help the struggling Philippine economy, according to Bangko Sentral ng Pilipinas (BSP).

This comes as BSP reported on Friday that year-on-year cash remittances last august jumped by 5.1 percent, amounting to USD2.609 billion, while cash remittances during the first eight months of 2021 increased by 5.7 percent, amounting to USD20.38 billion.

The news of increased cash remittances came amidst the repatriation of over 700,000 OFWs since the COVID-19 pandemic began to strike in 2020.

Moreover, cash remittances are seen to continue to rise further in the following months as country continues to traverse the Philippine Christmas season, which started in September–the longest Christmas season in the world. (GFB)