OFW remittances hit 5-month high in May
Credit to Author: The Manila Times| Date: Mon, 15 Jul 2019 09:59:50 +0000
MONEY sent home by overseas Filipino workers (OFWs) rose to a five-month high in May, Bangko Sentral ng Pilipinas (BSP) data showed on Monday.
Personal remittances — made up of OFWs’ net compensation; personal transfers, whether in cash or kind; and capital transfers between households — reached $2.896 billion in the month, 5.5 percent higher than the $2.746 billion posted a year earlier, and 6.7 percent higher than the $2.713 billion booked in April.
The amount was the highest posted since December 2018.
The May figure brought the year-to-date tally to $13.707 billion, 4.1 percent higher than the $13.172 billion registered in the comparable 2018 period. MAYVELIN U. CARABALLO
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