Remittances rise to $3.2 B in August

Filipinos working abroad sent home $3.2 billion in August as school opening-related expenses lingered during the period.

- By LOUISE MAUREEN SIMEON

Data from the Bangko Sentral ng Pilipinas (BSP) showed that personal remittances - the sum of net compensation of employees, personal transfers and capital transfers between households - reached $3.2 billion in August.

This is 3.3 percent higher than the $3.1 billion remitted in the same month in 2023, but slightly lower than the $3.43 billion recorded in July.

The BSP said the increase was brought about by the 3.7 percent rise in remittances sent by land-based workers with work contracts of one year or more, to $2.47 billion.

Similarly, remittances from sea and land-based workers with work contracts of less than one year inched up by 1.4 percent to $670 million.