Pinoys abroad sent $3.34 B in September

Remittances from overseas Filipino workers (OFWs) continued to climb in September, increasing by 3.3 percent amid the anticipated seasonal holiday surge and currency gains from favorable exchange rates.

- By KEISHA TA-ASAN

Data from the Bangko Sentral ng Pilipinas (BSP) showed that personal remittances reached $3.34 billion in September, $107 million higher than the $3.23 billion recorded in the same month last year.

Of the total amount, cash remittances coursed through banks amounted to $3.01 billion, $96 million higher than last year's $2.91 billion.

Michael Ricafort, chief economist of the Rizal Commercial Banking Corp., said the increase in remittances was due to the expected seasonal surge as OFWs convert pesos during the Christmas and New Year holiday season in December.