Filipino workers’ remittances hit record high in 2017
The Philippine central bank said money sent home from abroad continued to provide support to the nation's economy
The remittances sent home by overseas Filipino workers (OFWs) reached a record high of US$31.1 billion last year. The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, said the value of remittances was 5.3% higher than in 2016, SunStar reported.
“The growth in overseas Filipinos’ remittances continued to provide support to the country’s economy as a major driver of domestic demand,” the BSP said.
Remittances from Saudi Arabia, Singapore, Japan, Kuwait, Qatar, Germany, Hong Kong, the United Arab Emirates, the US and the UK comprised 80.1% of the total.
“Cash remittances in 2017 remained resilient. Remittances from the Middle East increased by 3.4%, driven by growth in remittances from the UAE, Qatar and Bahrain. Overseas Filipinos’ remittances from Singapore, Japan and Taiwan rose by 7.3%,” the BSP said.