OFW remittances in January to May hit $13.7 billion
Bussiness Mirror By Rea Cu - July 16, 2019 91 Overseas Filipino workers wave as they arrive at the Naia Terminal 1 in this 2018 BusinessMirror file photo. PERSONAL remittances made by Filipinos working abroad amounted to $2.9 billion in May this year, pushing remittances to reach $13.7 billion during the first five months of 2019, the Bangko Sentral ng Pilipinas (BSP) has reported. Latest data from the BSP showed the personal remittances from overseas Filipino workers (OFWs) in May represented a 5.5-percent increase, from the $2.7 billion recorded in the same month for 2018. The January to May 2019 total remittances of $13.7 billion, meanwhile, are 4.1 percent higher than the $13.2 billion recorded during the same period for 2018. According to the BSP, the steady growth in personal remittances for the five-month period came from the remittance inflows from land-based OFWs with work contracts of one year or mo...