ManilaTimes-July 17

Money sent home by overseas Filipino workers (OFWs) in April shrank to its lowest level in four years, Bangko Sentral ng Pilipinas (BSP) data showed.

Data released by the BSP on Wednesday night showed that personal remittances — personal transfers, whether in cash or kind, and capital transfers between households — settled at $2.27 billion in the fourth month of 2020, contracting by 14.17 percent from $2.65 billion in March. The latest figure was also down by 16.1 percent from $2.71 billion a year earlier. The amount was the lowest since January 2016, when remittances reached $2.20 billion. The latest figure brought the tally for the first four months of the year to $10.49 billion, a 2.9-percent decline from $10.81 billion in January to April 2019.

Read more at: https://www.manilatimes.net/2020/07/17/business/business-top/ofw-remittances-plunge-to-4-yr-low/742825/