The Bangko Sentral ng Pilipinas (BSP) data reveals a continued growth in cash remittances sent by overseas Filipino workers in August 2023, signaling sustained financial support to the Philippines' economy.
MANILA — Cash remittances sent by overseas Filipino workers to the Philippines grew by almost 2% in August 2023, according to data released by the Bangko Sentral ng Pilipinas (BSP). This steady increase reflects the ongoing contribution of overseas Filipino workers (OFWs) to the national economy, providing vital foreign exchange inflows that support domestic consumption and development. The BSP’s figures indicate resilience in remittance flows despite global economic uncertainties. Policymakers and financial analysts view these remittance inflows as crucial for economic stability and poverty alleviation in the country. The BSP continues to monitor these trends closely to inform fiscal and monetary policies that support both OFWs and their families back home.
Sources referenced:
- https://news.google.com/rss/articles/CBMi1AFBVV95cUxPY0tIcGVqR1ZOeUY1WUNFd2R2NkdEdjVxcC15N0p1eW0zaEZwYUV3LVdSN05GdFNLYUMteWhMZHY0X0h5U0hQQVFVenUwcV9MQjFUZG9FdzlRbzhzaFRzQlNWRVU2ejhWYlRTM18zWGZfYkg2cWVzOE9RZVI0QklwWUZ6aW05d0k1aXpYZHh5MmN0XzZOUWdoSHFsY3RLYVZnM2t5LV9EcWh1NHV0bkV3c0x1S3p6U2Z3aGVPZDh4OUp0MHhTN0FodkVKSmdFOXhIVmdGUQ