MONEY sent home monthly by overseas Filipino workers (OFWs) rose to a three-month high of $2.75 billion in June mainly on the back of remittances from land-based workers with long-term contracts, the Bangko Sentral ng Pilipinas (BSP) said.
Data released by the Bangko Sentral showed personal remittances increase by 6.2 percent from an inflow of $2.58 billion in May and by 6.8 percent from an inflow of $2.57 billion in June 2016.
“Growth was boosted largely by the 5.5 percent Increase in personal remittances from land-based workers with long-term contracts, whose remittances comprised 77.3 percent of total personal remittances. It was also supported by the 1.7 percent rise in remittances from sea-based and land-based workers with short-term contracts,” the central bank said in a statement. MAYVELIN U. CARABALLO