OFW remittances fall to 11-month low

THE amount of money sent home by overseas Filipino workers (OFWs) fell to its lowest level in 11 months in April, according to data released on Wednesday by the Bangko Sentral ng Pilipinas (BSP).

Personal remittances, or cash or kind transfers between families, totaled $2.67 billion in the fourth month of 2022, down 7.51 percent from $2.88 billion in March of this year, but up 3.76 percent from $2.57 billion in April 2021. It's the smallest amount sent since $2.65 billion was sent in May last year.