Remittances grew 2.6 percent in July to $2.99 billion from $2.92 billion in the same month last year, latest data from the Bangko Sentral ng Pilipinas show.
“The expansion in cash remittances in July 2023 was due to the growth in receipts from land- and sea-based workers,” the BSP said in a statement Friday.
This brought cash remittances in the first seven months to $18.79 billion, or 2.9-percent higher than $18.26 billion in the same period last year.
“The growth in cash remittances from the United States, Singapore, Saudi Arabia and United Arab Emirates contributed mainly to the increase in remittances in the first seven months of 2023,” the BSP said.
Data showed that in terms of country sources, the US posted the highest share of overall remittances, followed by Singapore, Saudi Arabia and Japan.
This brought cash remittances in the first seven months to $18.79 billion, or 2.9-percent higher than $18.26 billion in the same period last year.
“The growth in cash remittances from the United States, Singapore, Saudi Arabia and United Arab Emirates contributed mainly to the increase in remittances in the first seven months of 2023,” the BSP said.
Data showed that in terms of country sources, the US posted the highest share of overall remittances, followed by Singapore, Saudi Arabia and Japan.
Personal remittances, which include non-cash items, rose 2.5 percent to $3.32 billion in July from $3.24 billion a year ago.
“The growth in personal remittances in July 2023 was due to higher remittances sent by land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year,” the BSP said.