Philippine remittances grow 2.3 pct in July

MANILA, Sept. 15– Personal remittances from overseas Filipinos reached 3.24 billion U.S. dollars in July, up 2.3 percent year-on-year, the Philippine central bank said on Thursday. The Bangko Sentral ng Pilipinas said the cumulative personal remittances from January to July rose by 2.7 percent to 20.33 billion U.S. dollars in the first seven months of this year.

MANILA, Sept. 15 (Xinhua) — Personal remittances from overseas Filipinos reached 3.24 billion U.S. dollars in July, up 2.3 percent year-on-year, the Philippine central bank said on Thursday.

The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances from January to July rose by 2.7 percent to 20.33 billion U.S. dollars in the first seven months of this year.

The BSP said the United States, Saudi Arabia, Singapore and Qatar contributed mainly to the remittance increase in this period.

Filipinos have worked and settled across international borders over the past decades and personal remittances remain a major source of the Southeast Asian country’s foreign exchange inflows.

In 2021, remittances from overseas Filipinos workers rose by 5.1 percent, reaching 34.88 billion dollars, or 8.9 percent of gross domestic product (GDP). Enditem