OFW remittances increase in January

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Metro Manila (CNN Philippines, March 15) — Personal remittances from Filipinos working abroad rose in January.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that personal remittances from Overseas Filipino Workers (OFWs) was at $2.75 billion in January, 4.4 percent more than the $2.38 billion remitted in the same month last year.

"This growth was in line with the increase in remittances from both land-based and sea-based workers," the BSP said in a statement.

Personal remittances from land-based OFWs with work contracts of one year or more was at $2.12 billion, a 2.3 percent increase from the $1.95 billion remitted January last year.

Meanwhile, sea-based workers and land-based workers with contracts of less than one year remitted a total of $580 million, a 12.6 billion increase from the $520 million remitted for the same month last year.

OFWs working in the United States of America contributed the lion's share of overall remittances, making up 35.5 percent of the total figure.

Filipinos working in Saudi Arabia, Singapore, United Kingdom, United Arab Emirates, Japan, Canada, Qatar, Hong Kong and Kuwait remitted more than 70 percent of the $2.75 billion.