MONEY SENT HOME by overseas Filipino workers (OFWs) jumped 4.3% year on year in August, as migrants took advantage of the peso’s weakness against the US dollar. READ:
Filipino workers jumped 4.3% year on year in August, as migrants took advantage of the peso’s weakness against the US dollar.
“The expansion in cash remittances in August 2022 was due to the growth in receipts from land-based and sea-based workers,” the BSP said in a statement on Monday. “Better-than-expected economic conditions provided overseas Filipinos with reliable sources of income. On the contrary, diculties in Europe have led to lower remittances sent year on year, notably in Germany and Italy,” she said.
Nearly half or 41.7% of the overall remittances came from OFWs in the United States, followed by Singapore , Saudi Arabia , Japan , the United Kingdom , and the United Arab Emirates Headline inflation eased to 6.3% in August, from the nearly four-year high of 6.4% in July. It remained significantly higher than the 4.4% seen in August 2021.
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