OFW remittances hit 3-month high in Oct

Money sent home by overseas Filipino workers (OFWs) increased to its highest level in three months in October, but were not enough to boost the year-to-date amount, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.

Central bank data showed that personal remittances — personal transfers in cash or kind and capital transfers between households — reached $3.04 billion in the 10th month, a 5.4-percent and 2.5-percent increase from $2.88 billion in September and $2.96 billion in October 2019, respectively.