Personal remittances from Overseas Filipinos (OFs) rose by 2.5 percent to $3.32 billion in July from $3.24 billion in the same month last year.

The growth in personal remittances in July was due to higher remittances sent by 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.

Cumulatively, personal remittances reached $20.91 billion in the first seven months of 2023, higher by 2.9 percent than the $20.33 billion recorded in the comparable period in 2022.

Of the personal remittances from OFs, cash remittances coursed through banks amounted to $2.99 billion in July, up by 2.6 percent than the US$2.92 billion posted in the same month last year.

The expansion in cash remittances in July was due to the growth in receipts from land- and sea-based workers.

On a year-to-date basis, cash remittances reached $18.79 billion, a 2.9 percent increase from $18.26 billion registered in the same period last year.

The growth in cash remittances from the United States , Singapore, Saudi Arabia, and United Arab Emirates (UAE) contributed mainly to the increase in remittances in the first seven months of 2023.

Meanwhile, in terms of country sources, the US posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan. BSP