Daily News

April remittance contraction hits 19-year record

Money sent home by Filipinos overseas continued to dwindle for the second straight month in April — the biggest drop in almost two decades — as many of them lost their jobs amid a global coronavirus pandemic. Cash remittances from overseas Filipino workers (OFW) coursed through banks shrank by 16.2% from a year earlier to $2.046 billion, the Philippine central bank said in a statement on Wednesday. This is the widest drop since the 33.5% contraction in January 2001.