Cash remittances up 3.7% in June

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

- BY DERCO ROSAL

The latest BSP data released on Friday, Aug. 15, showed that overall remittances increased by 3.7 percent to $2.99 billion during the month from $2.88 billion in the same month last year. Of these, remittances from land-based overseas Filipinos (OFs) were faster than fund transfers from sea-based OFs.

Land-based OFs remitted $2.43 billion in June, making up 81.3 percent of total cash remittances that month.

Meanwhile, sea-based workers contributed the remaining $555 million.