Manila: Overseas Filipino Workers’ (OFW) remittances soared to a record high in 2023, reaching $37.2 billion, according to official data released. The Bangko Sentral ng Pilipinas (BSP) said the United States emerged as the leading source of remittances, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom, and the UAE. This surge in inward remittances was primarily fueled by the increased deployment of OFWs, reflecting the rising demand for foreign labour in host countries. The BSP highlighted that these remittances accounted for approximately 8.5 per cent of the Philippines’ gross domestic product (GDP) and 7.7 per cent of its gross national income (GNI) in 2023. Cash remittances channeled through banks amounted to $33.5 billion, marking a 2.9 percent increase…
