Remittances from overseas Filipino workers (OFW), both cash and personal, posted significant improvements in August, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.
“Personal remittances from (OFW) totaled $2.9 billion in August 2019, 4.2 percent higher than the $2.8 billion in August 2018,” the BSP said.
“This brings personal remittances for the first eight months 2019 to $22 billion, up by 3.6 percent from the last year’s level of $21.2 billion,” it added.
That liquidity has fueled consumption activities that are some of the more robust in the region, making the Philippines that much more capable of generating local output expansion or growth.
According to the central bank, the increase may be traced to the steady influx of remittances amounting $16.8 billion from land-based OFW with work contracts of one year or more and land-based workers with contracts of less than a year, which amounted to $4.7 billion.
Likewise, cash remittances from OFW coursed through banks rose to $2.6 billion in August 2019 from $2.5 billion in the same period last year.