MANILA, Dec. 17 (PNA) — The high cash remittances from overseas Filipino workers (OFWs) as of October is good news not only for the OFWs and their families but for the economy as well, Malacañang said Tuesday.
Presidential Communications Operations Office (PCOO) head Herminio Coloma Jr. said the Palace hopes such high levels of remittances can be maintained.
“Siyempre good news ito lalo sa pamilya ng mga OFW natin. At good news din ito para sa ating buong ekonomiya (Of course this is good news to the OFWs’ families. And it is good news as well for our economy),” he said at a media briefing.
The Bangko Sentral ng Pilipinas earlier reported that cash remittances from OFWs so far this year totaled US$ 18.54 billion.
For October alone, inflows went up to US$ 2.1 billion, the highest monthly increase this year.
Coloma noted the remittances from OFWs make up a significant part of the Philippines’ Gross National Product (GNP).
“Batid natin ang remittances ng OFWs ay malaking bahagi ng GNP. At sana magpatuloy pa ang pagtaas nito (We are aware remittances by OFWs make up a big part of the GNP. We hope this will continue),” he said. (PNA)