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.
