OFW remittances hit record $33.5B in 2019

Overseas Filipino Workers (OFWs) sent a record-breaking $33.5 billion in personal remittances in 2019, marking a 3.9% increase from the previous year.

This sustained growth was primarily fueled by remittances from land-based OFWs with longer contracts, who sent $25.6 billion, a 3.5% rise year-on-year.

Remittances from sea-based and land-based workers with shorter contracts also saw an increase, reaching $7.1 billion, up by 6.5%.

While remittances from Asia, the Americas, and Africa grew, there was a slowdown from the Middle East, with a 9.8% decrease.

The United States was the top source of these remittances, contributing 37.6%, followed by Saudi Arabia, Singapore, and Japan.

These significant OFW remittances played a crucial role in boosting household income and consumption, contributing 9.3% to the gross domestic product and 7.8% to the gross national income in 2019.