Money sent home by overseas Filipinos up 3.2% in August

Manila, Philippines – Money sent home by Filipinos working and living abroad grew by 3.2 percent in August, underpinned by higher inflows from land- and sea-based workers, the central bank said on Wednesday.

Cash remittances coursed through the banking system reached $2.98 billion in August from $2.89 billion during the same month a year ago.

The August pace was faster than July’s 3.0 percent clip. The month saw the exchange rate see-sawing between P56 and P57 against the dollar, before the peso depreciated past the P58-mark against $1 in September amid investor jitters over the way agencies handle public finance.

The eight-month tally so far amounts to $22.9 billion, higher than the average in the past three years.

The BSP expects cash remittances to grow by 3 percent this year – a steady growth from recent years - to $35.5 billion.

The US remained the top source of remittances, followed by Singapore, and Saudi Arabia.

NewsWatch Plus business news anchor Lois Calderon contributed to this story.