OFW remittances up 3.8% in April

MANILA  -Personal remittances from overseas Filipino workers increased by 3.8 percent to reach $2.77 billion in April from $2.67 billion in the same month last year.

This was the same growth rate observed in April 2022, but faster than the 3 percent recorded in March.

The Bangko Sentral ng Pilipinas observed increases in inbound money transfers from both land-based and sea-based OFWs.

The April readout brought the total remittances for the first four months of this year to $11.68 billion, an increase of 3.2 percent from $11.32 billion in January-April 2022.

Contributions to four-quarter growth came mainly from the United States, Singapore, and Saudi Arabia.

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