ING Bank Manila senior economist Nicholas Mapa says OFW remittances 'help offset what is now turning into a cost-of-living crisis in the Philippines.'
MANILA, Philippines – Overseas Filipino remittances hit a new all-time high in 2022 as families back in the Philippines struggled with rising prices.
“The robust inward remittances reflected the increasing demand for foreign workers amid the reopening of economies,” the BSP said. Growth in cash remittances from the United States, Saudi Arabia, Singapore, Qatar, and the United Kingdom contributed largely to the increase. The US posted the highest share of overall remittances at 41.2%, followed by Singapore and Saudi Arabia .
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