BSP: Remittances hit seven-month high in July

Remittances climbed to a seven-month high in July, mainly driven by higher inflows from the United States, Malaysia, and South Korea during the period, the Bangko Sentral ng Pilipinas (BSP) reported Wednesday.

Data released by the central bank showed that cash remittances — money transfers coursed through banks — stood at $2.853 billion in July, the highest so far this year.

This is 2.5% higher than the $2.783 billion the same month last year, and $2.683 billion in June.

Remittances from land-based workers climbed by 1.6% to $2.308 billion and from sea-based workers by 6.9% to $545 million for the month, bringing year-to-date remittances up 5.8% to $17.771 billion versus $16.802 billion last year.

“The growth in cash remittances in the first seven months of 2021 came mainly from the United States, Malaysia, and South Korea,” the BSP said in an accompanying statement.

In terms of country sources, the US accounted for the highest share at 40.4%, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, South Korea, Qatar, and Taiwan.

The combined inflows from the top 10 countries accounted for 78.6% of total cash remittances for the first seven months of the year.

Meanwhile, personal remittances — the sum of transfers sent in cash or in-kind via informal channels — grew by 2.6% to $3.167 billion, bringing the year-to-date figure up 6.0% to $19.783 billion. — RSJ, GMA News