OFW remittances see 3.0% increase, reaching $2.95 billion in February

  • , by Balikbayan Store
  • 1 min reading time

The Bangko Sentral ng Pilipinas (BSP) reported a 3.0 percent rise in Overseas Filipino Worker (OFW) remittances for February, totaling $2.95 billion compared to $2.86 billion the previous year. Bank transfers alone accounted for $2.65 billion, also showing a 3.0 percent increase from last February's $2.57 billion.

The growth was primarily attributed to land-based OFWs with contracts of a year or more, as well as sea- and land-based workers with contracts of less than one year. These figures mark an improvement from January's 2.7 percent growth rates.

However, despite the increase in percentage, the actual value of both personal and cash remittances in February was lower compared to the previous month, standing at $3.15 billion and $2.83 billion respectively.

Year-to-date figures showed personal remittances up by 2.8 percent to $6.10 billion, while cash remittances rose by the same percentage to $5.48 billion. Notably, the growth in February's cash remittances was primarily driven by flows from the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE).

The United States accounted for the largest share of total remittances at 41.4 percent, followed by Singapore, Saudi Arabia, and Japan. Other contributing countries included the United Kingdom, UAE, Canada, Taiwan, Qatar, and Malaysia.

Analysts suggest that seasonal fluctuations and economic headwinds in host countries may have influenced the decline in January's remittances. However, forecasts from the International Monetary Fund (IMF) anticipate global economic improvements, indicating positive employment prospects for Filipinos abroad and steady growth in remittances.

Security Bank Corp. chief economist Robert Dan Roces emphasized the significance of remittances in driving domestic consumption and maintaining foreign exchange stability. ING Manila Bank senior economist Nicholas Antonio Mapa attributed the year-on-year growth to an increase in the number of new OFWs and higher earnings, reinforcing remittances as a vital component of the Philippine economy.

More Balikbayan News

View all 

  • Paulo Avelino and MayMay Entrata to headline Fiesta Mo Sa USA 2024 in Kissimmee

    , by Balikbayan Store Paulo Avelino and MayMay Entrata to headline Fiesta Mo Sa USA 2024 in Kissimmee

    Read more 

  • Filipina undergoing chemotherapy in Dubai loses AED100,000 to scam

    , by Balikbayan Store Filipina undergoing chemotherapy in Dubai loses AED100,000 to scam

    Read more 

  • Successful goal setting event hosted by Thriving Filipina Circle in Dubai

    , by Balikbayan Store Successful goal setting event hosted by Thriving Filipina Circle in Dubai

    Read more 

  • Filipino prodigy from Bahrain wows at Carnegie Hall in New York with Mozart performance

    , by Balikbayan Store Filipino prodigy from Bahrain wows at Carnegie Hall in New York with Mozart performance

    Read more 

View all 

Login

Forgot your password?

Don't have an account yet?
Create account