Cash remittances growth slows to 2.9% in May

Cash sent home by Filipinos working and living overseas continued to increase in May on the back of sustained inflows from both landand sea-based workers, according to the Bangko Sentral ng Pilipinas (BSP).

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Money sent through banks by overseas Filipinos (OFs) increased by 2.9 percent to $2.66 billion in May from $2.58 billion in the same month last year, the BSP reported on Tuesday, July 15. This growth rate is slower compared to the 3.6-percent growth seen a year ago.

Land-based OFs remitted $2.12 billion in May, making up nearly 80 percent of total cash remittances that month. Meanwhile, sea-based workers contributed the remaining $536 million. Remittances from land-based workers climbed by 2.8 percent, while those from sea-based OFs grew by a faster 3.1 percent.