July cash remittances hit $2.92 billion, up 2.3%

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CASH remittances sent through banks grew by 2.3 percent to $2.92 billion in July, the Bangko Sentral ng Pilipinas (BSP) announced on Thursday.

BSP data showed the figure is up from the $2.85 billion posted in the same month last year.

“The expansion in cash remittances in July 2022 was due to the growth in receipts from land-based and sea-based workers,” the central bank said in a statement.

Total cash remittances from January to July reached $18.26 billion, up by 2.8 percent compared to the $17.77 billion in the same comparable period.

Central bank data further showed remittances from the US, Saudi Arabia, Singapore, and Qatar largely contributed to the increase during the first seven months of the year.

Personal remittances reached $3.24 billion in July, up by 2.3 percent compared to the same month last year.

This brought the total personal remittances for the seven-month period to $20.3 billion, up 2.7 percent year-on-year.