Cash remittances hit 7-month high at $3.18 billion in July – BusinessWorld Online
Filipinos abroad sent more money home in July, hitting a seven month-high as remittances from sea-based workers grew at a slightly quicker pace than those from land-based workers, the Bangko Sentral ng Pilipinas (BSP) said on Monday.
Cash remittances coursed through banks jumped by 3% to $3.179 billion in July from $3.085 billion in the same month a year ago, data from central bank showed.
This marked the highest monthly remittance level since the $3.38 billion in December last year.
Month on month, remittances grew by 7% from $2.987 billion previously.
“The Philippines saw sustained growth in cash remittances in July of this year, with remittances from sea-based overseas Filipinos (OFs) increasing slightly faster than funds from land-based OFs,” the BSP said in a statement.
Money sent home by land-based workers still made up the bulk of cash remittances in July, which went up by 3% year on year to $2.59 billion.
Remittances from sea-based workers rose by 3.1% to $585 million in July. — Katherine K. Chan