In June, personal remittances from overseas Filipino workers (OFWs) witnessed a 2.2% growth, amounting to $3.13 billion, up from the $3.06 billion recorded in the same month the previous year, as reported by the Bangko Sentral ng Pilipinas (BSP).
The central bank highlighted the increase in money transfers coming in from both land-based and sea-based OFWs.
This uptick in June has led to the overall remittances for the first half of 2023 to reach $17.59 billion. This shows a 3% increase compared to the $17.09 billion accumulated from January to June in 2022.
The United States remained the top source of remittances to the Philippines. It was followed closely by Singapore, Saudi Arabia, and Japan.