Remittances climb to 7-month high in July

Cash remittances from overseas Filipino workers (OFWs) climbed to a seven-month high of $3.2 billion in July, as families tapped more funds for the school season and a weaker peso encouraged higher inflows.

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Data from the Bangko Sentral ng Pilipinas (BSP) showed that the July inflow grew by three percent from $3.08 billion in the same month last year, lifted by steady contributions from both landand sea-based workers.

Land-based Filipinos sent home $2.59 billion, three percent higher than the $2.52 billion a year ago, while sea-based workers remitted $585 million, rising by 3.1 percent from $570 million.

The latest figure was also the highest monthly inflow in seven months or since the $3.38 billion recorded in December last year.