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    Philippine remittances grow 2.3pc in July

    MANILA (XINHUA) – Personal remittances from overseas Filipinos reached USD3.24 billion in July, up 2.3 per cent year-on-year, the Philippine central bank said yesterday.

    The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances from January to July rose by 2.7 per cent to USD20.33 billion in the first seven months of this year.

    The BSP said the United States (US), 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 Filipino workers rose by 5.1 per cent, reaching USD34.88 billion, or 8.9 per cent of gross domestic product.

    The Bangko Sentral ng Pilipinas says the United States, Saudi Arabia, Singapore and Qatar contributed mainly to the remittance increase in July. PHOTO: BLOOMBERG
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