MANILA, Philippines—Dollars sent home by Filipinos abroad grew slightly in October as land-based contract workers sent more money to their local beneficiaries, narrowing the year-to-date annual decline caused by pandemic-related job losses.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said personal remittances from Filipinos overseas grew by 2.5 percent to $3.044 billion in October 2020 from $2.969 billion in October 2019.
“The growth was attributed to the increase in remittances from land-based workers with work contracts of one year or more to $2.374 billion in October 2020, 3.3 percent higher than the $2.298 billion recorded in October 2019,” the regulator said.
Al…
Keep on reading: OFWs carry pandemic economic load, raise remittances in October