OFW remittances in December hit record high at $2.7B

MANILA, Philippines – Money sent home by overseas Filipino workers (OFWs) in December 2015 was the highest monthly level recorded so far, thanks to the continued deployment of workers to Saudi Arabia, Kuwait, Qatar, Taiwan, and Hong Kong.

Although potential layoffs threaten the Saudi labor market, personal remittances last December surged by 4.9% year-on-year to $2.7 billion.