Keep them flowing: Cash remittances up 2.6% in July

Keep them flowing: Cash remittances up 2.6% in July

Money sent home by Filipinos abroad rose for the six straight month in July as countries started to further ease restrictions and reopen borders to foreign workers.

According to the Bangko Sentral ng Pilipinas, personal remittances from expatriate Filipinos grew 2.6 percent to $3.17 billion in July from $3.085 billion in the same month last year.

Remittances from land-based workers and sea-based workers increased by 1.6 percent to $2.31 billion and 6.9 percent to $545 million, respectively.

This resulted in cumulative remittances rising by 5.8 percent to $17.7 billion in the first seven months of the year, mostly coming from the US, Malaysia and South Korea.

The US accounted for 40.4 percent or the bulk of total remittances from January to July followed by Singapore, Saudi Arabia, Japan, United Kingdom, United Arab Emirates, Canada, South Korea, Qatar, and Taiwan.

The combined remittances from the top 10 countries comprised 78.6 percent of total cash remittances.

“We can expect the uptrend in remittance inflows as travel restrictions ease further and global economies now reopen,” BSP Governor Benjamin E. Diokno said.

The BSP expects cash remittances to rise by four percent this year following its decline in 2020.

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