The Bangko Sentral ng Pilipinas (BSP) said land-based Filipino workers abroad sent more money in July, in time for the opening of the new school year. Personal remittances increased 3.2% to $3.43 billion (P191.58 billion) from $3.32 billion (P181.44 billion) registered in July 2023.
"The increase in personal remittances in July 2024 was due to higher remittances from 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 in a statement.
Personal remittances cover cash sent through banks and informal channels and also remittances in kind.
Cash remittances coursed through banks and informal channels rose by 3.1% to $3.08 billion (P172.04 billion) in July 2023 from $3.99 billion (P222.87 billion).
"The expansion in cash remittances in July 2024 was due to the growth in receipts from land- and sea-based workers," the BSP said.
For the first seven months of the year, personal remittances increased by 3%, from $20.91 billion (P1.17 trillion) last year to $21.53 billion (P1.20 trillion) from January to July.
Cash remittances grew by 2.9% to $19.33 billion (P1.08 trillion) from $18.79 billion (P1.05 trillion) last year.
The BSP said the increase in cash remittances from the United States, Saudi Arabia, and the United Arab Emirates contributed to the expansion.
The United States remained the most significant source of remittances, followed by Singapore, Saudi Arabia, and Japan.
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