Sea-based workers' forex remittances grew by 5.6% to $644.91 million from a year ago

Remittances hit record high in 2022
February 16, 2023 | https://www.bworldonline.com/top-stories/2023/02/16/505132/remittances-h...

Cash remittances jumped by 3.6% to $32.54 billion last year, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday. — REUTERS

CASH REMITTANCES hit a record high in 2022, as overseas Filipino workers (OFWs) sent more money to their families who are struggling with soaring prices.

Money sent by OFWs through banks jumped by 3.6% to $32.54 billion last year, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday. It exceeded the previous record of $31.42 billion in 2021.

However, the 3.6% annual remittance increase fell short of the BSP’s 4% projection. It was also slower than the 5.1% expansion in 2021.

In December alone, cash remittances jumped by 5.8% to a record $3.16 billion, from $2.99 billion a year earlier. The growth in remittances for December was also the fastest since the 7% seen in June 2021.

“The expansion in cash remittances in December 2022 was due to the growth in receipts from land- and sea-based workers,” the BSP said.

Land-based OFWs sent $2.514 billion in December, up by 5.8% in the same month last year. Remittances from sea-based workers grew by 5.6% to $644.91 million from a year ago.

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