Remittances hit 3-month high in Oct

Remittances sent home by overseas Filipino workers OFWs) picked up at the start of the ber” months, reaching their highest level in three months.

- By KEISHA TA-ASAN

Data from the Bangko Sentral ng Pilipinas (BSP) showed that personal remittances rose by 2.7 percent to $3.42 billion in October from $3.33 billion in the same month last year.

This was the highest since the $3.43 billion recorded in July. However, in terms of pace, the latest growth was the slowest in four months or since the 2.5 percent expansion recorded in June.

The expansion was seen in remittances from both landbased and sea-based workers, the central bank said.

Of the total amount, cash remittances coursed through banks went up by 2.7 percent to a three-month high of $3.08 billion in October from $3 billion in the same month a year ago.