OFW remittances up 2.4% in February
MANILA -Cash remittances that overseas Filipinos workers abroad sent to the Philippines through banks increased by 2.4 percent to reach $2.57 billion in February from $2.51 billion in the same month last year.
The Bangko Sentral ng Pilipinas observed increases in both inbound money transfers from land-based and sea-based OFWs.
Funds were sent mainly from the United States, Saudi Arabia, Japan, Singapore and Qatar.
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February data brought the total for the first two months of the year to $5.33 billion, an increase of 3 percent from $5.18 billion in January-February 2022.
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