OFW personal remittances up in July

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Metro Manila (CNN Philippines, September 16) — Overseas Filipino workers remitted approximately $2.9 billion in July, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

This is 7.2 percent higher than the $2.7 billion recorded for the same month last year. This is also a recovery from June's 9 month low.

For the first seven months of the year, personal remittances reached $19.1 billion, higher than last year's $18.5 billion.

Broken down, $14.6 billion came from land-based OFWs with work contracts for one year and more, while the rest of the $4.1 billion came from land and sea-based workers with short-term contracts.

Cash remittances through banks for the first seven months was at $17.2 billion, 3.9 percent higher than the $16.6 billion recorded in the same period last year.

Workers registered in the US were the source of 36.8 percent of remittances from January to July. This was followed by workers from Saudi Arabia, Singapore, the United Arab Emirates, the United Kingdom, Japan, Canada, Hong Kong, and Kuwait, respectively.