Sympomatic of many foreign workers, money remittance is becoming a staple of their needs, and this occurs outside of traditional banking. Many cultural specific groups orchestrate these money remittances.
OFW remittances jump 14% to $1.8B
MONEY remittances of overseas Filipino workers (OFWs) totaled $1.8 billion in January and February, sustaining a double-digit growth rate of 14 percent from the same period last year despite a slowdown in the number of workes going abroad, the Bangko Sentral ng Pilipinas (BSP, the central bank) said Wednesday.
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