16-May-19, Business Mirror
THE cash flow from Filipino migrant workers continued to rise by the end of the first quarter of the year, with the surge marking a five-month high. The BSP reported a 6.6-percent increase in the remittances sent by overseas Filipino workers (OFWs) in March this year compared to the same month last year. The growth pushed actual dollar inflow to the country to $2.5 billion during the month alone.
%20Business%20Mirror.jpg "Philippines remittances hit 5 month high in March 2019 (c) Business Mirror")
Image: Business Mirror
On value, total remittances to the country in the first three months of the year hit $7.3 billion, up from last year’s $7 billion.
Of the 6.6-percent growth in March, the 2 percentage points of expansion came from remitters based in the United States. The 1.7 percentage points came from OFWs in Singapore while the 1.2 percentage points were accounted for by migrant workers in the United Kingdom. The surge of remittances in these three countries accounted for much of the growth seen during the period.