OFW remittances to grow 4% this year and in 2023Dennis Lapid, officer-in-charge of the Department of Economic Research, said there is an uptick in the deployment of OFWs. MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is confident that remittances from overseas Filipino workers (OFWs) can still grow by four percent this year despite the soft increase this year. Likewise, cash remittances coursed through banks grew by 3.1 percent to $23.82 billion during the nine-month period. In 2021, the BSP missed its six percent growth forecast as personal and cash remittances went up by only 5.1 percent. Personal remittances increased to an all-time high of $34.88 billion, while cash remittances reached new record high of $31.42 billion.

Source: Philippine Star December 11, 2022 03:23 UTC