July remittances highest in 7 months

Remittances from overseas Filipino workers (OFWs) increased by 3.2 percent to $3.43 billion in July, hitting its highest level in seven months, the Bangko Sentral ng Pilipinas (BSP) said.

- KEISHA TA-ASAN

Latest data released by the central bank showed personal remittances in July were about $107 million higher than the $3.32 billion a year ago. It marked the largest since the $3.63 billion in December 2023.

"The growth in personal remittances in July 2024 was due to higher remittances sent from land-based workers with work contracts of one year or more, and sea- and land-based workers with work contracts of less than one year," the BSP said in a statement.

Remittances from OFWs with contracts of one year or more inched up by 3.4 percent to $2.72 billion in July from $2.63 billion in the same month last year, while that of workers with contracts of less than one year grew by 1.7 percent to $630 million from $620 million.