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.