The total remittances sent by Overseas Filipino Workers (OFWs) reached P238.63 billion last year, marking a 20.8 percent increase from the P197.47 billion recorded in 2022, according to data from the Philippine Statistics Authority (PSA). These remittances covered cash sent by OFWs (P187.11 billion), cash brought home (P44.70 billion), and in-kind contributions (P6.81 billion).
The rise in remittances coincided with a 9.8 percent increase in the number of OFWs, from 1.96 million in 2022 to 2.16 million in 2023. OFWs took advantage of better-paying opportunities abroad, leading to a higher volume of money sent to the Philippines. Michael Ricafort, chief economist of Rizal Commercial Banking Corp., attributed the surge to the premium in wages that OFWs can earn compared to local jobs, which allows them to send more back home.
The majority of remittances were sent through banks, which accounted for 62.2 percent of the total, followed by money transfer services at 36.5 percent.
The PSA report also highlighted that 77.4 percent of OFWs were deployed in Asia, with Saudi Arabia being the top destination, and that women made up the majority of the OFW workforce in 2023.
