June 19, 2023

Sea-based workers’ remittances grew 2.7% on an annual basis to $550 million

MANILA, Philippines — Money sent home by overseas Filipinos to their families rose in April, despite recession concerns plaguing developed economies. Data released by the Bangko Sentral ng Pilipinas on Thursday showed that remittances coursed through banks grew 3.7% year-on-year to $2.48 billion in April. Remittances expanded 3.2% on-year to $10.49 billion in the first four months. Money sent home by overseas Filipinos considered a cornerstone of the consumer-dependent domestic economy, posted its largest cash haul of $32.54 billion in 2022. This was despite being a year removed from the pandemic which crashed the global economy and forced overseas Filipinos to go home in droves because of layoffs and businesses going under.

LINK: https://seafarertimes.com/2020-21/node/8443