Money sent home by Filipinos who live and work overseas grew at the fastest pace in six months last July, Bangko Sentral ng Pilipinas reported Monday.
Cash remittances – money sent through banks and transfer agents – grew at annual rate of 6.6 percent to $1.927 billion in July, preliminary central bank data showed.
This is the fastest growth rate since January's revised 8 percent increase, according to central bank records.
Taking into account the remittances in July, total cash transfers grew by 5.8 percent to $12.627 billion in the first seven months year-on-year – compared with a Bangko Sentral forecast of 5 percent for 2013.
Personal remittances – which include transfers in cash and in kind
through banks and hand-carried deliveries – hit $2.112 billion in July, up 7.4 percent year-on-year.
Personal remittances in January to July grew by 6.4 percent to $13.934 billion.
Cash remittances mainly originated from the US, Saudi Arabia, United Kingdom, United Arab Emirates, Singapore, Canada, and Japan.
Overseas cash remittances hit a record $21.391 billion last year, up 6.3 percent from the $20.117 billion in 2011. – SOA/VS, GMA News