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Nov 15, 2017 @ 20:42

OFW remittances slide by 8.3% to $2.2B in Sept.

 

Thousands of Filipinos in the Middle East chose to go home.

Remittances from Overseas Filipino Workers (OFWs) slipped by 8.3% in September to settle at $2.2 billion, lower than the $2.4 billion posted a year ago.

The Bangko Sentral ng Pilipinas (BSP) attributed the slide to a program in Saudi Arabia which allows undocumented OFWs to go home without penalties or jail time. The program started in March and has been extended to September.

As much as 8,467 Filipinos chose to go home from Saudi Arabia, the central bank said, which could have driven the lower remittances.

Still, total remittances reached $20.8 billion from January to September, 3.8% higher than the $20 billion from the comparable period in 2016.

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