OFW remittances rose by 5.8% in Nov 2022

Personal remittances to the Philippines sent by Filipinos abroad grew by 5.8 percent to $2.93 billion in November 2022 from $2.77 billion in the same month of 2021, according to the Bangko Sentral ng Pilipinas.

This was the fastest yearly growth for any month so far in 2022, which was recorded in the runup to the holiday season when the increase in inflows usually revs up.

BSP data also show that in the January-November, remittances increased by 3.4 percent to $32.65 billion in 2022 from $31.59 billion in the same period of 2021.

Cash remittances account for the bulk of personal remittances, which the BSP counts as funds that overseas Filipino workers send through banks.

In November, cash remittances increased by 5.7 percent to $2.64 billion from $2.5 billion. For the 11 months, the increase was 3.3 percent to $29.38 billion from $28.43 billion.

In November, increases were observed in inflows from land-based workers with work contracts of one year or more as well as from sea- and land-based workers with work contracts of less than one year.