Remittances from overseas Filipinos inched higher in August, nearing $3 billion, as steady inflows from land- and sea-based workers continued to support households, the Bangko Sentral ng Pilipinas (BSP) said.
Cash transfers through banks rose 3.2% to $2.98 billion. Land-based workers sent $2.35 billion, up 3%, while sea-based workers contributed $626 million, up 3.8%.
From January to August, total cash remittances grew 3.1% to $22.91 billion. Personal remittances also rose 3.2% to $3.31 billion in August, reaching $25.51 billion for the year to date.
Remittances remain a key source of household income and foreign exchange, with the BSP projecting about 3% growth over the next two years.
