OFW remittances up 2.9% in May
MANILA -Personal remittances from overseas Filipino workers increased by 2.9 percent to reach $2.78 billion in May from $2.7 billion in the same month last year.
This was faster than the 2 percent growth rate observed in May 2022, but slower than the 3.8 percent recorded a month earlier in April.
The Bangko Sentral ng Pilipinas observed increases in inbound money transfers from both land-based and sea-based OFWs.
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The May readout brought the total for the first five months of this year to $14.46 billion, an increase of 3.1 percent from $14.02 billion in January-May 2022.
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