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US remains top source of OFW remittances in Q1

The United States continues to be the main source of remittances from overseas Filipino workers in the first quarter of the year, accounting for over 40% of total cash remittances, according to data from the Bangko Sentral ng Pilipinas.

Cash remittances of OFWs amounted to $8 billion in the first quarter, up three percent from the $7.78 billion reported a year ago.

Meanwhile, cash remittances from the US amounted to $3.3 billion during the period, 2.8% higher than the $3.2 billion recorded a year ago.

The remittances came mainly from land-based OFWs and those with one-year contracts or longer. Sea-based workers in the US and those whose contracts are less than a year sent only $547,130 during the period.

OFWs in Singapore accounted for 7.3% of the cash remittances during the period at $580,174, up 3% from a year ago.

Filipinos in Saudi Arabia sent home $465,598 during the period while those in the United Kingdom sent home $347,007.

According to the BSP’s Business Expectations Survey, 96% of those receiving money from OFWs spend it on food and other household needs.

Milyonaryo | Latest News