Metro Manila (CNN Philippines, September 15) — Personal remittances from overseas Filipinos increased by 2.3% to $3.24 billion in July 2022, the Bangko Sentral ng Pilipinas (BSP) said Thursday.
In a statement, the BSP said this was an increase from the $3.17 billion sent home by Filipinos abroad in the same period last year.
Personal remittances in July were also higher than the $3.06 billion posted in June.
The latest data brought the total personal remittances to $20.33 billion in the first seven months of the year, up 2.7% from last year.
The BSP said this was due to higher remittances by land-based workers with work contracts of one year or more, which increased 2.4%, and by sea- and land-based workers with work contracts of less than one year, which increased 1.4%.
Meanwhile, cash remittances coursed through banks also grew 2.3% to $2.92 billion in July 2022, the central bank noted.
In the first seven months, cash remittances amounted to $18.26 billion, up by 2.8% from the same period last year.
The rise was due to the growth in receipts from land-based and sea-based workers, which were up 2.5% and 1.3%, respectively.
From January to July, the United States accounted for most of the cash remittances with 41.4%. It was followed by Singapore (6.9%), Saudi Arabia (5.9%), Japan (5%), and United Kingdom (4.9%).
