OFW remittances reach $30.3B in first 11 months of 2019

MONEY sent home by overseas Filipino workers (OFWs) in November 2019 grew by two percent year-on-year to US$ 2.6 billion. This brings the personal remittances for the first 11 months of 2019 to $30.3 billion, or 4.1 percent higher than the $29.1 billion recorded a year ago.

The steady growth in personal remittances from January to November in 2019 drew support from the remittance inflows from land-based OFWs with work contracts of one year or more, which grew by 3.6 percent to $23.1 billion from $22.3 billion in the same period last year. Likewise, the combined remittances of sea-based and land-based workers with short-term contracts rose by 7.3 percent to $6.5 billion during the period compared to $6 billion a year ago.

By country source, the US registered the highest share in total remittances from January to November 2019 at 37.7 percent, followed by Saudi Arabia, Singapore, Japan, United Arab Emirates, the United Kingdom, Canada, Hong Kong, Germany and Qatar. (PR)