The growth in OFW remittances in August was the fastest since March 2014 where the increase was at 16.6 percent.
Cash remittances from the Overseas Filipino Workers (OFWs) bounced back strongly in August 2016, according to the report of the Bangko Sentral ng Pilipinas (BSP).
The rebound was charted at 16.3 percent to $2.32 billion from $1.99 billion in the same period in 2016.
The growth in OFW remittances in August was the fastest since March 2014 where the increase was at 16.6 percent.
According to BSP officer-in-charge Nestor Espenilla Jr., the cash remittances increased by 4.6 percent to $17.64 billion in the first eight months of 2016 from $16.87 billion in the same period in 2015.
The remittances from land-based Filipino workers went up 6.5 percent to $13.1 billion while that of sea-based workers boosted by 1.9 percent to 3.8 billion.
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