OFW remittances hit record high of $33.5B in 2019

Cash sent home by overseas Filipino workers (OFWs) reached a record high of $33.5 billion in 2019, marking a 3.9% increase from the previous year despite global uncertainties.

The Bangko Sentral ng Pilipinas reported that sustained growth was driven by land-based workers with long-term contracts who sent $25.6 billion, up 3.5% from the prior year.

Inflows from Asia, the Americas, and Africa grew, but those from the Middle East declined by 9.8%. Personal remittances for December alone increased to $3.2 billion, a 1.9% rise from the previous year.