Pinoys in UAE, US are biggest remittance senders in October
Overseas Filipino workers (OFWs) chose to send more money to their loved ones at home during that month.
Cash remittances totaled $2.3 billion in October, rising by 8.4% from last year’s $2.1 billion, the Bangko Sentral ng Pilipinas said. OFWs working in the United Arab Emirates and in the United States were jointly the biggest sources of money for the month.
From January-October, remittances reached $23.1 billion to jump by 4.2% from 2016, with the amounts sent by both land-based workers and seafarers growing from a year ago.
With the peso trading above P51 in October, it meant even more money once converted to the local currency.