Remittances hit 7-month high in July

FILIPINOS ABROAD sent more money home in July, hitting a seven-month high as remittances from sea-based workers grew at a slightly quicker pace than those from land-based workers, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

- Katherine K. Chan

Cash remittances coursed through banks jumped by 3% to $3.179 billion in July from $3.085 billion in the same month a year ago, data from the central bank showed.

This marked the highest monthly remittance level since the $3.38 billion posted in December last year.

Month on month, remittances grew by 7% from $2.987 billion previously.

“The Philippines saw sustained growth in cash remittances in July of this year, with remittances from sea-based overseas Filipinos (OFs) increasing slightly faster than funds from land-based OFs,” the BSP said in a statement.

Money sent home by land-based workers made up the bulk of cash remittances in July, which went up by 3% year on year to $2.59 billion.

Remittances from sea-based workers rose by 3.1% year on year to $585 million in July.

“The peso’s relative weakness against the US dollar also encouraged higher remittances, as families received greater peso value,” Ruben Carlo O. Asuncion, chief economist at the Union Bank of the Philippines (UnionBank), said in a Viber message.

In July, the peso performed weaker at an average P56.7523 per US dollar from the P56.3586 recorded in June.