OFW remittances hit $2.86 B in April

Dollars sent home by overseas Filipino workers (OFWs) reached $2.86 billion in April, up by 3.1 percent from the same month last year, but the latest figure was the lowest level in 11 months, data from the Bangko Sentral ng Pilipinas (BSP) showed.

- KEISHA TA-ASAN

• Lowest in 11 months

Data showed that personal remittances in April grew by 3.1 percent year on year from the $2.77 billion in the same month last year. It marked the fastest growth since the 3.9-percent rise in December 2023.

However, the sum of net compensation of employees, personal transfers and capital transfers between households in April was the lowest in 11 months or since the $2.78 billion in May last year.

Nonetheless, the BSP said the 3.1-percent increase was brought about by the three percent rise in remittances sent by land-based workers with work contracts of one year or more, to $2.1 billion in April.

Similarly, remittances from sea and land-based workers with work contracts of less than one year grew by 3.6 percent to $620 million.