Daily News

Remittance data bare 3Q2019 spending lift

Overseas Filipino workers (OFW) cash remittances grew 4.6% to $2.589 billion in August from $2.476 billion a year ago, and by 0.31% from July’s $2.581 billion, Bangko Sentral ng Pilipinas (BSP) or central bank data showed. The BSP said that money sent home by OFWs grew for the second straight month in August — by a slower pace than in July, although it was still a turnaround from the year-ago slump. Economists said July’s and August’s increases bode well for household spending, which fuels about 70% of gross domestic product (GDP).