3 months OFW remittances fall to 9-mo low in June Manilatimes |Biz
MONEY sent home by overseas Filipino workers (OFWs) dropped to a nine-month low in June, data from the Bangko Sentral ng Pilipinas (BSP) showed on Thursday.
A man counts dollar bills inside a money changer in Manila. PHOTO BY J. GERARD SEGUIAPersonal remittances — made up of OFWs’ net compensation; personal transfers, whether in cash or kind; and capital transfers between households — reached $2.545 billion in the month, 2.7 percent lower than $2.615 billion a year ago and 12.1 percent lower than $2.896 billion in May. The June amount was the lowest posted since September 2018’s $2.490 billion.