Money sent home by OFWs dips to $2.89B in January

·1 min read

PERSONAL remittances from overseas Filipinos reached US$2.895 billion in January 2021, 1.7 percent lower than the $2.944 billion recorded in the same period last year.

The marginal decline in personal remittances during the month was attributed to the 2.4 percent drop in remittances from land-based workers with work contracts of one year or more to $2.219 billion from $2.274 billion recorded in January 2020.

Meanwhile, remittances from sea-based workers and land-based workers with work contracts of less than one year increased by one percent to $609 million in January 2021 from $603 million in January 2020.

By country source, the United States registered the highest share of total remittances at 40.9 percent, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, Canada, United Arab Emirates, Qatar, Malaysia and Taiwan. (PR)