OFW remittances rose at its fastest pace of 3.2% in March
Cash remittances sent by Overseas Filipino Workers (OFWs) back to the country grew by 3.2% to $2.594 billion in March, bringing the total cash remittances for Q1 2022 to $7.77 billion.
According to data released by the Bangko Sentral ng Pilipinas (BSP), this is the fastest pace of remittance growth this year, with January recording a 2.5% and February coming short at only 1.3%.
BSP Governor Benjamin Dionko stated that the agency is expecting the Philippine remittance growth to “stabilize at four per cent by year-end, after an annual growth rate of 5.1% in 2021.
Broken down, the BSP said the expansion in cash remittances in March was due to the growth in receipts from both land-based and sea-based workers.
Land-based remittances increased by 3.7% to $2.021 billion, while sea-based remittances grew 1.3 percent to $573 million from $566 million.
The BSP added that remittances from the United States (US), Japan, Singapore, Taiwan, and Saudi Arabia contributed mainly to the increase in remittances in the first quarter of 2022.
