Cash remittances from overseas Filipinos rose 3 percent to $3.18 billion in July from $3.08 billion a year earlier, underlining the continued resilience of the country’s largest source of foreign inflows.
According to data from the Bangko Sentral ng Pilipinas (BSP), remittances from sea-based workers increased 3.1 percent to $585 million, outpacing land-based flows, which rose 3 percent to $2.59 billion.
Year-to-date, cash remittances through July totaled $19.93 billion, up 3.1 percent from $19.33 billion in the same period last year.
The United States remained the top source of remittances, followed by Singapore and Saudi Arabia.
“The increase in cash remittances drove an increase in personal remittances,” the BSP said.
Personal remittances—which include cash sent through formal and informal channels, as well as remittances in kind—totaled $3.53 billion in July, rising to $22.21 billion for the first seven months of the year.
The steady growth of remittances continues to support domestic consumption, underpin household spending, and provide a stable source of foreign currency amid global market volatility.
