Sunday 19 November
Powered by Ajaxy
Oct 17, 2017 @ 12:24

OFWs send home $2.5B in August to hit 5-month high


The weak peso meant more bang for the buck that month.

Remittances from overseas Filipino workers (OFWs) grew by 7.8% to reach $2.5 billion in August, the highest level seen since a peak of $2.6 billion in March, according to the Bangko Sentral ng Pilipinas.

In a statement, the central bank said Filipinos working at the United Arab Emirates (UAE), United States, Singapore and Qatar were behind the jump in remittances, as they were the ones who sent more money home during the month.

If remittances from non-contract workers, gifts, and payments were to be computed, total inflows stand at $2.8 billion, also a five-month high.

The value is even bigger in peso terms, as the currency traded at the P51 level to a dollar last August. This armed their families with more money to spend back home.

Tags: , , , , , , , ,

Related Stories
UN negotiations on implementing the Paris climate change agreement wrap up Friday after two weeks
Department of Energy (DOE) Secretary Alfonso Cusi signed a deal with the Russian Federation State
PLDT Inc. is expanding its international cable system capacity to 4.497 Terabits per second by
The road closures and work suspensions will turn out to be worth it.


Trending News

Recommended on sister sites

Copyright © 2017 Bilyonaryo -