The remittances of Overseas Filipino Workers (OFW) rose by 2.
4 percent year-on-year to $2.86 billion in February, the Bangko Sentral ng Pilipinas said on Monday.The increase was attributed to higher remittances from land-based workers with contracts of a year or more and sea- and land-based OFWs with contracts of less than a year.Month-on-month, the remittances fell by 6.8 percent from a record $3.07 billion in January this year.Personal remittances expanded to $5.93 billion in the first two months of 2023, 3.0 percent higher than the $5.
76 billion in the same period in 2022.Cash remittances coursed through banks in February rose by 2.4 percent to $2.57 billion from $2.51 billion. This was lower than the $2.76 billion recorded in January.'The growth in cash remittances from the United States , Saudi Arabia, Singapore, and Qatar contributed mainly to the increase in remittances in January – February 2023,' the Central Bank said in a statement.
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