OFW Remittances May Hit $40-B

OFW remittances for the whole of 2023 are expected to reach at least $40 billion, growing at close to five percent year on year in the last four months of the year.

The pace of OFW remittances accelerated during the second half of the year due to expenses related to the education of OFWs' children and the upcoming Christmas season. I Photo: TC Franchising Philippines

Previous data shows that while OFW remittances slowed down in the first quarter of the year, growing only three percent year-on-year, the pace accelerated during the second half of the year due to expenses related to the education of OFWs' children and the upcoming Christmas season.

Data also shows that in 2022, India had the highest figure at $111 billion, followed by Mexico at $61 billion, China at $51 billion, and the Philippines at $38 billion.

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